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 frame takes approximately 30 minutes to build, and the labor rate averages $11 per hour, Iguana has the following inventory pollcles: Ending finished goods inventory should be 40 percent of next month's sales. Ending raw materials inventory should be 30 percent of next month's production. Expected unit sales (frames) for the upcoming months follow: March April May June July August 290 280 330 430 405 455 Variable manufacturing overhead is incurred at a rate of $0.60 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 3,000 units for the year. Selling and administrative expenses are estimated at $700 per month plus $0.50 per unit sold. iguana Inc had S1 00 cash on hand on AprilOf its sales. 80 percent is in cash. Of the credit sales, 50 percent s c ected during the month ofthe sa and 50 percent scollected during he month lowing the sale of raw materials purchases, 80 percent is paid or during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled 2,OOO. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $180 in depreciation. During April, Iguana plans to pay $3,300 for a piece of equipment Required Compute the following for lguana, Inc., for the second quarter (April, May, and June) Answer is complete but not entirely correct 2nd Quarter Total April May June $ 7.000 8,250 $ 26,000 X S 41,250 1,760 $ 2,568 3,080 9,020 14,668 1,650 $ 2,035 $ 5,995 3 $ 9,680 $780 8222,454 4,056 $ 4,998 5,937 $ 6,534 X S 17,469 $840 $ 865915$ 2,620.00 Budgeted Sales Revenue 2.Budgeted Production in Units 300 370 1,090 Budgeted Cost of Raw Material Purchases 4.Budgeted Direct Labor Cost 5.Budgeted Manufacturing Overhead 6. Budgeted Cost of Goods Sold 7 Total Budgeted Selling and Adm. Expenses Required Complete lguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) Answer is not complete IGUANA, INC Budgeted Income Statement For the Quarter Ending June 2nd Quarter Total April $ 7,000.00.$ 8,250.000$10,750.000 4,6205,445.007.095.00 17,160.00 May June Budgeted Sales Revenue 26,000.00 Budgeted Cost of Goods Sold Budgeted Gross Margin $ 2,380.00 2,805.00 $ 3,655.00 8,840.00 Budgeted Selling and Administrative Expenses 165.00 700.00 $1,540.00 1,940.00 520.00 2,100.00 2,740.00 6,220.00 140.00 215.00 700.00 700.00 Budgeted Net Operating Income