Question Details

(Solution Download) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linea


 

 

 

 

 

 

 

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 $15.00 per hour. Iguana has the

 

following inventory policies:

 

 

    

 

 

 

 

 

 

 

 

 

 

 

        Ending finished

 

goods inventory should be 40 percent of next monthAc??cs sales.

 

        Ending raw

 

materials inventory should be 30 percent of next monthAc??cs

 

production.

 

   

 

 

 

 

 

 

 

Expected unit sales (frames) for

 

the upcoming months follow:

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  March385
  April360
  May410
  June510
  July485
  August535

 


 

 

 

 

 

 

 

 

     Variable manufacturing overhead is

 

incurred at a rate of $0.20 per unit produced. Annual fixed

 

manufacturing overhead is estimated to be $4,200 ($700 per month)

 

for expected production of 3,000 units for the year. Selling and

 

administrative expenses are estimated at $760 per month plus $0.50

 

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% is collected during the month of the sale, and

 

50% 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 $3,100. All other operating costs are paid during the month

 

incurred. Monthly fixed manufacturing overhead includes $260 in

 

depreciation. During April, Iguana plans to pay $4,100 for a piece

 

of equipment.

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

Required:

1.

 

Compute the budgeted cash receipts for Iguana for April, May,

 

June, and 2nd quarter. (Do not round your intermediate

 

calculations. Round final answers to 2 decimal

 

places.)

 

 

     

 

 

 

 

 

 

 

 

        

 

 

 

 

 

 

 

 

2.

 

Compute the budgeted cash payments for Iguana for April, May,

 

June, and 2nd quarter.. (Do not round your intermediate

 

calculations. Round final answers to 2 decimal

 

places.)

 

 

      

 

 

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

3.

 

Prepare the cash budget for Iguana for April, May, June, and 2nd

 

quarter.. Assume the company can borrow in increments of

 

$1,000.00 to maintain a $10,000.00 minimum cash

 

balance.

 

 

    

 

 

 

 

 

 

 

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147654025.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now