iguans, Inc, manufactures bamboo picture frames that sell for $25 each Each fram

Question

iguans, Inc, manufactures bamboo picture frames that sell for $25 each Each frame requires 4 lnear feet of bemboo, which cons $3.00 per foot Each frame tokes rate averages $12 per hout lguana has the following inventory policies 30 minutes to build, and the labor * Endng frished goods irventory should be 4pe!cent or next month's sales. . Ending raw materials ienventory shouid be 30 percent of next month's production 190 May June August Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed yeer Selling and administrative expenses are estmated at $650 per month phus S0.50 per unn sold overhead is estimated to be $1.20($600 per month for expected producton of 4,000 units for the guana, Inc, had $10,500 cash on hand on Aprit Of ihs saies, 80 percent is in cash. Of the credit sales, 50 percent is colected during the month of the sale, and 50 percent is collected during the month Of raw materials puchases, 80 percent is paid for during the month purchased and 20 percent is paid in the felowing month. Raw materials purchases for March 1 sotaled $2.000. All other operasing costs ane peid during the month incurred. Monthly fxed manufacturing overhead includes $240 is depreciation. Duiring Apeil, Iouana plans to pay $2.000 for a piece of equipment 121.00 points Required Compute the following for Iguana, Inc, for the second quarter (Apei, May, and June). April 2. Budgeted Production in Unbs . Budgeted Cost of Raw Material Purchases Direct Labor Cost 6. Budgeted Cost of Goods Sold T Total Budgeted Selling and Adm. Expenses

Explanation / Answer

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April May June 2nd Qrtr Total 1 Budgeted Sales Revenue 9500 10750 13250 33500 2 Budgeted prodution in units 400 470 520 1390 3 Budgeted cost of raw material purchases 3368 3880 4148 11396 4 Budgeted Direct Labor Cost 2400 2820 3120 8340 5 Budgeted Manufacturing Overhead 780 794 804 2378 6 Budgeted Cost of goods sold 6380 7374 8084 21838 7 Budgeted Selling and Admn. Expenses 940 965 1015 2920

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