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Required information The following information applies to the questions displayod below] Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per houc, Iguana has the following inventory policies: - 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 production. Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual faed manufacturing overhead is estimated to be $10,800 ( $900 per month) for expected production of 4,000 unlts for the year. Solling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold Iguana, Incorporated, had $11,900 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale. and 50 percent is collected during the month following the sale. Of direct materlals purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the follewing month. Oirect materials purchases for March 1 totaled $4,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $300 in depreciation. During Apri, lguans plans to pay $2.000 for a plece of equipment. Required: Complete iguana's budgeted income statement for quarter 2 Note: Round cost ner unit in intermediate calculations to 2 decimal glaces. Required information (The following information applles to the questions displeyed below) Iguana, incorporated, manufoctures bamboo picture ftames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to buld, and the labor rate averages $14 per hour. iguana has the following inventory policies: - Ending finished goods inventory should be 40 percent of next month's solos. - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: Varibble manufacturing overhead is incurted at a rate of $0.40 per unit produced. Annual fixed manutacturing overhead is estimated to be $10,800 (\$900 per monthy for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $950 per month plus $0.60 per unh sold. Iguana, Incorporated, had $11,900 cash on hand on April 1. Ot its sales, 80 percent is in cash: of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct materials purchases, 80 percent is paid for duxing the month purchased and 20 percent is paid in the following month. Direct materials purchases for Mareh 1 totaled 54,000 . Al other operating costs are pald during the month incurred. Monthy fixed manufacturing avertiead includes $300 in depreciation. During Apri, lguana plans to pay $2,000 for a piece of equipment. Required: 1. Compute the budgeted cash receipts for iguana 2. Compule the budgeted cash payments for lguana. 2. Compure the budgeted cash payments for iguana. balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash receipts for lguans. Nompure the bodgeted cash receipss Noter Do not round your interinediate calculations flound finar answers to 2 decimpl places Required information [The following information applles to the questions displayed below] Iguana, incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot Each frame takes approximately 30 minutes to bulld, and the labor rate averages $14 per hour, Iguana has the following inventory policies: - Ending finished goods inventory shouid be 40 percent of next month's soles - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months foliow: Voriable manutacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $10,800 ( $900 per month) for expected production of 4,000 units for the yeat Selling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold. Iguana, Incorporated, had $11,900 cash on hand on April 1 . Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled \$4,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $300 in depreciation. During April, Iguana plans to pay $2,000 for a plece of equipment. Requlred: 1. Compute the budgeted cash receipts for iguana. 2. Compute the budgeted cash payments for lguana. 3. Prepare the cash budget for lguana. Assume the company can borrow in increments of $1,000 to maintain a $11,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Compute the budgeted cash payments for Iguans. Note: Do nat round your intermediale calculations. Hound final answers to 2 decimal places Required information [The following information applies to the questions displayod below\} Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 eoch, Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to buid, and the labor rate averages $14 per hour. Iguana has the following inventary policies: - Ending finished goods imentory should be 40 percent of next month's sales - Ending direct materials inventory should be 30 percent of next month's production. Expected unit sales (trames) for the upcoming months follow Variable manufacturing overhead is incurred at a rate of $0.40 per init produced. Annual fiwed manufacturing owerheod is estimated to be $10.800 ( $900 per month) for expected production of 4.000 units for the yeac 5 elling and administrative expenses are estimated at $950 per month plus $060 per unit sold lguana, Incorporated, had $11,900 cash on hand on April 1 Of its sales, 80 percent is in cash, Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Or direct materias purchases, 80 percent is paid for during the month purchased and 20 percent is poid in the following month. Direct materials purchases for March 1 totaled $4,000. Ali cther operating costs are paid during the month incurted. Monthly faed manufecturing overhead inclubes $300 in depreciation, During April, lguana plans to pay $2.000 for a piece of equipment. Required: 1. Compute the budgeted cash receipts for iguana, 2. Compute the budgeted cash payments for iguana. 3. Prepare the cosh budget for lguana. Assume the company con borrow in increments of $1,000 to maintain a $11,000 minimum cash bolance. No interest is charged if the loan is paid off by the end of the next quarter. Complete this question by entering your answers in the tabs below. Frepare the cash budget for lguana. Assume the compety can borrow in increments of \$1,000 to maintain a 111,000 minimum cash balance. No interest as cherged if the loan is paid off by the end of the next cuarter, Note: Leave no cell blank enter " 0 aterever required, Aeund your ansmers to 2 decimal praces