Reference no: EM13499593
Iguana Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies.
Ending finished goods inventory should be 40% of next month's sales
Ending raw materials inventory should be 30% of ext month's production
Expected unit of 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 $.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7200 ($600 per month) for expected production of 4000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $.60 per unit sold.
Required: Prepare the following for Iguana Inc., for the second quarter (April, May, and June). Include each month as well as the qurter 2 total for each budget.
1. sales budget
2. Production budget
3. Raw materials purchase budget
4.direct labor budget
5. Manufacturing overhead budget
6. budgeted costs of good sold
7. selling and administrative expenses budget
8. budgeted income tatement
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