$[$The following information applies 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\mathrm{.}00$ per foot. Each frame takes approximately $30$ minutes to build, 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 sales.

Ending direct materials inventory should be $30$ percent of next month$$s production.

Expected unit sales $($frames$)$ for the upcoming months follow:

March $330$

April $360$

May $410$

June $510$

July $485$

August $535$

Variable manufacturing overhead is incurred at a rate of $$0\mathrm{.}40$ per unit produced. Annual fixed manufacturing overhead is estimated to be $$8,400($$$700$ per month$)$ for expected production of $4,000$ units for the year. Selling and administrative expenses are estimated at $$750$ per month plus $$0\mathrm{.}50$ per unit sold.

Iguana, Incorporated, had $$13,500$ 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 $$2,800.$ All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $$260$ in depreciation. During April, Iguana plans to pay $$2,500$ for a piece of equipment.Requlred Information

$[$The following information applies 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 $$2\mathrm{.}00$ per foot. Each frame takes approximately $30$ minutes to bulld, and the labor rate averages $$14$

per hour. Iguana has the following Inventory policles:

Ending finished goods Inventory should be $40$ percent of next month's sales.

Ending direct materlals Inventory should be $30$ percent of next month's production.

Expected unit sales $($frames$)$ for the upcoming months follow:

Varlable manufacturing overhead is incurred at a rate of $$0\mathrm{.}40$ per unit produced. Annual fixed manufacturing overhead is

estimated to be $$8,400($ $$700$ per month$)$ for expected production of $4,000$ unIts for the year. Selling and administrative

expenses are estimated at $$750$ per month plus $$0\mathrm{.}50$ per unit sold.

Iguana, Incorporated, had $$13,500$ 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 pald for during the month purchased and $20$ percent is paid in the following

month. Direct materlals purchases for March $1$ totaled $$2,800.$ All other operating costs are pald during the month

Incurred. Monthly fixed manufacturing overhead Includes $$260$ in depreclation. During April, Iguana plans to pay $$2,500$

for a plece of equipment.

Required:

Compute the following for Iguana, Incorporated, for the second quarter $($April$,$ May, and June$).$