The following information applies for the questions below)

Iguana, inc., manufacturers bamboo picture frames thats well for 30$ each. Each frame requires 4 linear feet of bamboo, which costs $3.50 per foot. Each frame takes approximately 30 minutes to build, and the labor averages $12 per hour. Iguana has the following inventory policies:

- Ending finished goods inventory should be 40 percent of next months sales.

- Endinf raw materials inventory should be 30 percent of next months productions.

Expect unit sales (frames) for the upcoming months follow:

March - 305

April - 310

May - 360

June - 460

July - 435

August 485

Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $7200 ($600 per month) for expected production of 4500 units for the year. Selling and administrative expense are estimated at $650 per month plus $0.50 per unit sold.

Iguana, inc., had $13600 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 raw materials purchased, 80 percent is paid for during the month purchased and 20 percent is paid for the following month. Raw material purchases for March 1 totaled $3600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $210 in depreciation. During April, Iguana plans to pay $3600 for a peice Of equipment.

::: Apps I Hawkes learning Blackboard Learn Welcome my.utrgv a Cinemark Theatres- G Work in Japan! Gai Required: 1. Compute the budgeted cash receipts for (guana (Do not round your intermediate calculations. Round final answers to 2 decimal places.) May June 2nd Quarter Budgeted Cash Receipts 2. Compute the budgeted cash payments for Iguana (Do not round your intermediate calculations. Round final answers to 2 decimal places.) May 2nd Quarter Budgeted Cash Payments 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000 minimum cash balance (Leave no cel places.) April May June 2nd Quarter Beginning Cash Balance Plus Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed/ Repaid Ending Cash Balance