The following information applies to the questions displayed below] lguana, Inc., manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $2.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $15 per hour. lguana 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: 335 370 420 March Aprill May June July August 495 545 Annual fixed ariable manufacturing overhead is incurred at a rate of $0.50 expected production of 4,500 t a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 (S750 per month) for units for the year. Selling and administrative expenses are estimated at $850 per month plus $0.50 per unit sold. h 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 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 taled $3,700. ll other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $270 in depreciation. During Apri, guana percent is collected during the month following the sale. Of plans to pay $4,200 for a piece of equipment