[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 direct 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 dunng the month of the sale, and 50 percent is collected during the month following the sale Of direct materiale nurchases Rn nerrant is paid for during the month nechated and 20 nerrent is naid in the following