Please Do not Give image format Required information[The following information applies to the questions displayed below.]Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet ofbamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $11per 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:MarchAprilMayJuneJulyAugust290280330430405455Variable manufacturing overhead is incurred at a rate of $0.60 per unit produced. Annual fixed manufacturing overhead isestimated to be $7,200 ($600 per month) for expected production of 3,000 units for the year. Selling and administrativeexpenses are estimated at $700 per month plus $0.50 per unit sold.Iguana, Incorporated, had $11,100 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50percent 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 followingmonth. Direct materials purchases for March 1 totaled $2,000. All other operating costs are paid during the monthincurred. Monthly fixed manufacturing overhead includes $180 in depreciation. During April, Iguana plans to pay $3,300for a piece of equipment. Required:1. Compute the budgeted cash receipts for Iguana.2. Compute the budgeted cash payments for Iguana.3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cashbalance. No interest is charged if the loan is paid off by the end of the next quarter.Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the budgeted cash receipts for Iguana.Note: Do not round your intermediate calculations. Round final answers to 2 decimal places.June 2nd Quarter TotalBudgeted Cash ReceiptsShow Transcribed TextRequired 3Budgeted Cash PaymentsShow Transcribed TextAprilRequired:1. Compute the budgeted cash receipts for Iguana.2. Compute the budgeted cash payments for Iguana3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cashbalance. No interest is charged if the loan is paid off by the end of the next quarter.Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 1Required 2 Required 3Compute the budgeted cash payments for Iguana.Note: Do not round your intermediate calculations. Round final answers to 2 decimal places.MayJune2nd Quarter TotalAprilBeginning Cash BalancePlus: Budgeted Cash ReceiptsLess: Budgeted Cash PaymentsPreliminary Cash BalanceCash Borrowed/RepaidEnding Cash BalanceMayRequired t1Required:1. Compute the budgeted cash receipts for Iguana.2. Compute the budgeted cash payments for Iguana.Required 3< Required 1Required 2 >3. Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cashbalance. No interest is charged if the loan is paid off by the end of the next quarter.Complete this question by entering your answers in the tabs below.CAprilPrepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter.Note: Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.May< Required 2Required 3 >CJune2nd Quarter Total

Cash budget is one of the most important budget which shows the expected cash collection and cash…

Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. 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 $11 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.