Chapter 15, Problem 15.7P

hello tutor, I mistakenly submitted blurr image please comment i will write values. please dont Solve with incorrect data otherwise unhelpful.

Can you explain the correct approach to solve this general accounting question?

Jenna wants to set up a photography studio

Financial accounting

Solve this question and accounting question

Can you provide the accurate answer to this financial accounting question using correct methods?

Harbor banquets recorded the following data for recent events

Iguana, Incorporated, manufactures 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 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 295 April 290 May 340 June 440 July 415 August 465 Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed manufacturing overhead 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 at $800 per month plus $0.50 per unit sold. Iguana, Incorporated, had $11,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the…

I am looking for the correct answer to this general accounting problem using valid accounting standards.