Hh1. collected during me monor of the sale, and 50 percentis corrected during the monar following the sale.Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the followingmonth. Direct materials purchases for March 1 totaled $4,000. All other operating costs are paid during the monthincurred. Monthly fixed manufacturing overhead includes $300 in depreciation. During April, Iguana plans to pay $2,000for a piece of equipment.Required:Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to2 decimal places.)Show Transcribed TextBudgeted Gross MarginCRequired:Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to2 decimal places.)Budgeted Net Operating IncomeShow Transcribed TextIGUANA, INC.Budgeted Income StatementFor the Quarter Ending JuneApril$0.00 $V0.00 $May0.00 $0.00 $June2nd QuarterTotal0.00 $0.00 $0.000.00 [The following information applies to the questions displayed below.]Iguana, Inc., manufactures bamboo picture frames that sell for $25 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 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:MarchAprilMayJuneJulyAugust350400450550525525Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead isestimated to be $10,800 ($900 per month) for expected production of 4,000 units for the year. Selling and administrativeexpenses are estimated at $950 per month plus $0.60 per unit sold.Iguana, Inc., had $11,900 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent iscollected 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 followingmonth. Direct materials purchases for March 1 totaled $4,000, All other operating costs are paid during the monthIn Manthhunt manufacturinn overhead includes $200 in denteciation Durinn April louana plans to nav $2.000

Budgeted Income Statement - Budgeting is a technique of estimating later periods on the basis of…

collected during me monor of the sale, and 50 percentis collected during the monur 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 $4,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $300 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment. Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) Show Transcribed Text Budgeted Gross Margin Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.) Budgeted Net Operating Income n Show Transcribed Text IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April 0.00 $ C 0.00 $ May 0.00 $ 0.00 $ June 2nd Quarter Total 0.00 $ 0.00 $ 0.00 0:00