$[$The following information applies to the questions displayed below.$]$ Required $1$

Required $3$

Prepare the cash budget for Iguana. Assume the company can borrow in increments of $$1,000$ to maintain a $$12,000$ minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter.

Note: Leave no cell blank enter $"0"$ wherever required. Round your answers to $2$ decimal places.

$\backslash$table$[[,,$April,May,June,$2$nd Quarter Total$],[$Beginning Cash Balance,$$,13,600\mathrm{.}00$$$,$$$12,326\mathrm{.}80,$$$12,566\mathrm{.}00,13,600\mathrm{.}00$vv$],[$Plus: Budgeted Cash Receipts,,$9,285\mathrm{.}00,10,650\mathrm{.}00,13,500\mathrm{.}00,33,435\mathrm{.}00],[$Less: Budgeted Cash Payments,,$11,558\mathrm{.}20,9,410\mathrm{.}80,,20,969\mathrm{.}00],[$Preliminary Cash Balance,,$11,326\mathrm{.}80$$$,$$$13,566\mathrm{.}00,,],[$Cash Borrowed $/$ Repaid,,$1,000\mathrm{.}00,1,000\mathrm{.}00,0\mathrm{.}00$vv$,0\mathrm{.}00$vv$],[$Ending Cash Balance,,$12,326\mathrm{.}80$$$,$$$12,566\mathrm{.}00,,]]$ Compute the budgeted cash payments for Iguana.

Note: Do not round your intermediate calculations. Round final answers to $2$ decimal places.

Iguana, Incorporated, manufactures bamboo picture frames that sell for $$30$ each. Each frame requires $4$ linear feet of bamboo, which costs $$3\mathrm{.}50$ per foot. Each frame takes approximately $30$ minutes to build, and the labor rate averages $$12$ 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 $($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 $$0\mathrm{.}40$ per unit produced. Annual fixed manufacturing overhead is estimated to be $$7,200($$$600$ per month$)$ for expected production of $4,500$ units for the year. Selling and administrative expenses are estimated at $$650$ per month plus $$0\mathrm{.}50$ per unit sold.

Iguana, Incorporated, had $$13,600$ 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 $$3,600.$ All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $$210$ in depreciation. During April, Iguana plans to pay $$3,600$ for a piece of equipment.

Required:

Compute the budgeted cash receipts for Iguana.

Compute the budgeted cash payments for Iguana.

Prepare the cash budget for Iguana. Assume the company can borrow in increments of $$1,000$ to maintain a $$12,000$ minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter.