Requlred Information [The following infomation applies to the questions olsplayed below.] Iguana, Incorporated, manufactures bamboo plcture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $200 per foot. Each frame takes approwimately 30 minutes to bulld, and the labor rate averages $1200 per hour. Iguana has the following Inventory policles: - Ending finished goods Inventory should be 40 percent of next month's sales. - Ending direct materials inventory should be 30 percent of next month's procuction. Expected unit sales (frames) for the upcoming months follow: Varlable manufacturing overnead is Incurred at a rate of $0.30 per unit produced. Annual flxed manufacturing overhead is estimated to be $7,200 (\$600 per month) for expected procuction of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. Iguana, Incorporated, had $10,900 cash on hand on April 1 . Of its sales, 80 percent is in cash. Of the creclt sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct materlals purchases, 80 percent is paid for during the month purchased and 20 percent ls pald in the following month. Direct materlals purchases for March 1 totaled \$2,000. All other operating costs are paid during the month Incurred. Monthly flxed manufacturing ovemead includes $150 in depreclation. During April, lguana plans to pay $3,000 for a plece of equipment. Requlred: Complete iguana's budgeted income statement for quarter 2 Note: Round cost per unit in Intermedlate calculations to 2 decimal places