Please Fast answer and do not give solution in image format Required information[The following information applies to the questions displayed below.]Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet ofbamboo, which costs $3.00 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.Expected unit sales (frames) for the upcoming months follow:MarchAprilMayJuneJulyAugust300300350450425475Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced, Annual fixed manufacturingoverhead is estimated to be $9,600 ($800 per month) for expected production of 4,000 units for the year. Selling andadministrative expenses are estimated at $850 per month plus $0.60 per unit sold.Iguana, Incorporated, had $12,800 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 thefollowing month. Direct materials purchases for March 1 totaled $3,500. All other operating costs are paid during themonth incurred. Monthly fixed manufacturing overhead includes $200 in depreciation. During April, Iguana plans topay $3,500 for a piece of equipment. jesRequired: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 $12.000 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 2 Required 3Compute the budgeted cash receipts for Iguana.Note: Do not round your intermediate calculations. Round final answers to 2 decimal places.Budgeted Cash ReceiptsShow Transcribed TextBudgeted Cash PaymentsShow Transcribed TextApril< Required 1Required: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 $12,000 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.Beginning Cash BalancePlus: Budgeted Cash ReceiptsLess: Budgeted Cash PaymentsPreliminary Cash BalanceCash Borrowed/RepaidEnding Cash BalanceMayRequired 1 Required 2 Required 3Note: Do not round your intermedies for iguana sound final answers to 2 decimal places.Compute the budgeted cash payments for Iguana.calculations.Show Transcribed TextAprilMay< Required 1AprilJune 2nd Quarter Total$0.00Required 2 >< Required 2CMayJuneRequired: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 $12,000 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 3Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $12,000minimum 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.2nd Quarter Total0.00Required 3 >CJuneRequired 3>2nd Quarter Total0.000.00

Budgeting - Budgeting is the process of estimating sales, Expenses, cash Collections and cash…

Required information [The following information applies to the questions displayed below.] Iguana, Incorporated, manufactures bamboo picture frames that sell for $30 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 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. Expected unit sales (frames) for the upcoming months follow: March April May June July August 300 300 350 450 425 475 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,600 ($800 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $850 per month plus $0.60 per unit sold. Iguana, Incorporated, had $12,800 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 $3,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $200 in depreciation. During April, Iguana plans to pay $3,500 for a piece of equipment.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q