The following information applies to the questions displayed below.) lguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear labor rate averages $14 per hour lguana has the following inventory policies feet of bamboo, which costs $2.50 per foot. Each frame takes appraimately 30 minutes to build and the 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 350 400 450 550 525 575 Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $10,800 ($900 per month) for expected production of 4,000 units the year. Selling and administrative expenses are estimated at $950 per month plus $0.60 per unit sold. ts sales, 80 percent is in cash. Of the credit soles, 50 percent is collected during the month ofthe sale, and s0 percent a colected duing the month lowing month. Raw materials purchases for March Itotalecd $4,000 All other operating cost following the sale Of raw materiels purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the foll are paid during the month incured. Monthly fixed menufacturing overhead includes $300 in depreciation. During April, iguana plans to pay $2.000 for a piece of equipment Required information 10.00 points