Required information The following information applies to the questions displayed below! Iguana, Inc., manufactures bamboo picture frames that sell for $25 each Each frame requires 4 linear feet of bamboo. which costs $2.00 per foot. Each frome takes approximately 30 minutes to build, and the labor rate averages $12.00 per hour 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 (fromes) for the upcoming months follow, March April May June July August 275 250 300 400 375 425 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced Annual fixed manufacturing overhead is estimated to be $7.200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. Iguano, Inc, had $10,800 cash on hand on April 1 Of Its sales, 80 percent is in cash Of the credit sales, 50 percentis 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 $2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $150 in depreciation. During April. Iguana plans to pay $3,000 for a piece of equipment Required: Compute the following for iguana, Inc., for the second quarter (April, May, and June) (Do not round your intermediate calculations.) Apni May 1 5,250 5 7,500 $ June 2nd Quarter Total 10.000 $ 23.750 0 2 3 $ 0 Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Direct Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold Total Budgeted Selling and Adm. Expenses $ 4 5 0 $ 0 16. $ 0 Z $ 0 Required: Complete Iguana's budgeted income statement for quarter 2 (Round cost per unit in intermediate calculations to 2 decimal places.) IGUANA, INC Budgeted Income Statement for the user Ending June April MY June 2nd Quarter Total Budgend Gross Margin OS os 05 Budgeted Net Operating income 05 05 os Required: 1. Compute the budgeted cash receipts for Iguane. 2. Compute the budgeted cash payments for quan 3. Prepare the cash budget for iguana Assume the company can borrow in increments of $1,000 to maintain a $10.000 minimum cash balance Complete this question by entering your answers in the tabs below. Required Recured Red Comote the budgeted cash receipts for louana. (Do not round your intermediate calculation Foundato decimal place April Mw June 2nd Quarter Total $ 000 Budgeted Confect Required 2 > Required: 1. Computer the budgeted cash receipts for Iguana 2. Compute the budgeted cash payments for lun. 3. Prepare the cash budget for Iguana Assume the company can borrow in increments of S1000 to maintain a $10.000 minimum cash balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Compute the bodouted cash payments for Luna (Do not round our intermediate calculations, Round finales to 2 decimal places April water real Buced as a 000 (Required 1 Required) Required 1. Compute the budgeted cash receipts for Iguana 2. Compute the budgeted cosh payments for guesa 3. Prepare the cash budget for iguana Assume the company can borrow in increments of $1,000 to maintain 510,000 minimum cash balance Complete this question by entering your answers in the tabs below. Rouredi Red 2 Bered Prepare the cash budget for lona Anume the company can borrow in increments of $1,000.00 to maintain a $10,000.00 minimum cashbu (ve no call bank enter where required. Round your wars to 2 decimal May June And Quarter total Begini Can Ban Put Buded them 0.00 Coded Cash Payment DO Primary Cath Cash Borrowed paid Ending Cain Required 2
