Required information SB Problem PAN-1 to PA8-3 (The following information applies to the questions displayed below) Iguana, Inc., manufactures bamboo picture frames that sell for $25 ench Each frame requires 4 linear feet of bamboo which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 per hout 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 unt sales frames) for the upcoming months follow March April May June July August 275 250 380 400 375 425 Variable manufacturing overhead is incurred at a rate of $0.30 per un produced. Annual fixed manufacturing overhead is estimated to be 57.200 (5600 per month for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. Iguana, Inc., had $10,800 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 direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month Direct materials purchases for March 1 totaled $2,000. All other operating costs are paid during the month incurred. Monthly fed manufacturing overhead includes $150 in depreciation. During April. Iguana plans to pay $3,000 for a piece of equipment Required: Compute the following for Iguana, Inc., for the second quarter (April, May, and June). (Do not round your intermediate calculations Answer is complete but not entirely correct. 1. 2. 3 2nd April May June Quarter Total 6,750 ?$ 7,500 $ 10,000 $ 24,250 270 340 390 1,000 $ 2,328 $ 2.840$ 3,030 $ 8,198 s 1,620 S 2,040 is 2,340 $ 6,000 $ 4,461 X $ 5.462 $ 6,177 $ $ 16,100 $ 210,225 X $ 228,132 $ 296,077 $ 734,434 $ 812 X $ 854 * $ 884 IS 2,550 $ Budgeted Sales Revenue Budgeted Production in Units Budgeted Cost of Direct Material Purchases Budgeted Direct Labor Cost Budgeted Manufacturing Overhead Budgeted Cost of Goods Sold Total Budgeted Selling and Adm. Expenses 4. 5. 6. 7