[The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: 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 345 390 440 540 515 565 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 6,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold Iguana, Inc., had $15,800 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 purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $3,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $290 in depreciation. During April, Iguana plans to pay $3,000 for a piece of equipment. 4. value: 8.50 points Required information value: 8.50 points Required information Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). April May June 2nd Quarter Total 10,800 $ 27.400 1. $ 7,800 $ 8,800 $ 2. Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Raw Material Purchases 410 480 530 1,420 3. $ 2,586 $ 2,970 $ 3,189 $ 8,745 4. Budgeted Direct Labor Cost $ 2,665 $ 3,210 $ 3,445 $ 9,320 5. $ 723 $ 744 $ 759 $ 2,226 6. Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold. Total Budgeted Selling and Adm. Expenses $ 4,900 $ 5,600 $ 7,000 $ 17,500 7. $ 845 $ 870 $ 920 $ 2,635.00 eBook & Resources eBook: Prepare the following components of the operating budget: Cost of goods sold budget. Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total Budgeted Gross Margin $ 0.00 $ 0.00 $ 0.00 $ 0.00 Budgeted Net Operating Income $ $ 0.00 $ 0.00 $ 0.00 $ 0.00 eBook & Resources eBook: Prepare the following components of the operating budget: Budgeted income statement 6. value: 8.50 points Required information Required: 1. Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April May June 2nd Quarter Total Budgeted Cash Receipts 2. Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.) April May June 2nd Quarter Total Budgeted Cash Payments 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $15,000 minimum cash balance. (Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.) April May June 2nd Quarter Total Beginning Cash Balance De: Rantasach Donainte April May June 2nd Quarter Total Budgeted Cash Payments 3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $15,000 minimum cash balance. (Leave no cell blank enter "0" wherever required. Rour your answers to 2 decimal places.) April May June 2nd Quarter Total Beginning Cash Balance Plus: Budgeted Cash Receipts Less: Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed /Repaid Ending Cash Balance eBook & Resources eBook: Prepare the cash budget and describe the relationships among the operating budgets, cash budget, and budgeted balance sheet