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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 $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12.00 per hour. Iguana has the following inventory policies:

Ending finished goods inventory should be 40 percent of next months sales.

Ending raw materials inventory should be 30 percent of next months production.

Expected unit sales (frames) for the upcoming months follow:

March	275
April	250
May	300
June	400
July	375
August	425

Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.60 per unit sold. Iguana, Inc., had $10,800 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 raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $150 in depreciation. During April, Iguana plans to pay $3,000 for a piece of equipment.

Required:

Compute the following for Iguana, Inc., for the second quarter (April, May, and June). (Do not round your intermediate calculations.)

April May June 2nd Quarter Total 1. Budgeted Sales Revenue $6,250 $7,500 $10,000 $23,750 2. Budgeted Production in Units 270 340 390 1,000 3. Budgeted Cost of Raw Material Purchases $2,328 $2,840 $3,132 $8,300 4. Budgeted Direct Labor Cost $1,620 $2,040 $2,340 $6,000 5. Budgeted Manufacturing Overhead $681 $702 $717 $2,100 6. Budgeted Cost of Goods Sold. $4,025 $4,830 $6,440 $15,295 7. Total Budgeted Selling and Adm. Expenses $800 $830 $890 $2,520

Required: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations to 2 decimal places.)

	IGUANA, INC. Budgeted Income Statement For the Quarter Ending June April May June 2nd Quarter Total Budgeted Gross Margin $0 $0 $0 $0 Budgeted Net Operating Income $0 $0 $0 $0

I had previously asked the question but forgot to include the budgeted income statement part in the question not sure if the other results might help with filling out the balance sheet.

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