urgent

Required information [The following information applles to the questions displayed below] Iguana, Incorporated, manulactures 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 $14 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 unit soles (frames) for the upcoming months follow: Variable manufacturing overhead is incurted ot a rate of $0.20 per unit produced. Arinual fixod manufacturing oiserhead is estimated to be $9,000 (\$750 per month) for expected production of 5,000 units for the year. Selling and administrative expenses are estimated ot $800 per month plus $0.50 per unit sold Iguana, Incorporated, had \$11,800 cash on hand on Apeii. 1 Or its sales, 80 percent is in cash. Or the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale O 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 totoled $2,600. Alt other operating costs are paid during the month incurred. Monthly figed manfocturing ovethead inclides $190 in depreciation. During Aprit, leguana plans to pay $3,400 fora piece of equipment. Iguana, Incorporated, had $11,800 cash on hand on April1. 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 coliected 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 $2,600. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $190 in depreciation. During April, Iguana plans to pay $3,400 for a piece of equipment. Required: Complete iguana's budgeted income statement for quarter 2