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Iguana, Inc., manufactures bamboo picture frames that sell for $$25$ each. Each frame requires $4$ linear feet of bamboo, which costs $$2\mathrm{.}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 $350$

April $400$

May $450$

June $550$

July $525$

August $575$

Variable manufacturing overhead is incurred at a rate of $$0\mathrm{.}40$ per unit produced. Annual fixed manufacturing overhead is estimated to be $$10,800($$$900$ per month$)$ for expected production of $4,000$ units for the year. Selling and administrative expenses are estimated at $$950$ per month plus $$0\mathrm{.}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 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 $$4,000.$ All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $$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.$)$

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