The following information applies to the questions displayed below Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 lineer feet of bamboo, which costs $2.00 per foot Each freme tokes approximately 30 minutes to build, and the labor rate averages $12.00 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 Aprt Mey June July August 275 250 300 400 375 425 Variable manufacturing overheed is incurred at a rate of S0.30 per unit produced. ($600 per month) for expected production of 4.000 units for the year Selling and administrative expenses are estimated at S650 al fixed manufacturing overhead is estimated to be $7.200 per month plus $060 S10 800 cash on hand on Apre 1 Of ts salos, 80 percent s in cash Of the creat sales 50 percent is collected during the month of per unit sold the sole, and 50 percent is collected during the month following the sale Of row materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month Rew materials purchases for March 1 totaled $2000 All other operating costs are pnid during the month incurred. Monthly fised manufacturing overh $150 in depreciation During April, Iguana plans to pay $3,000 for a piece of equipment ead includers