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[The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that s
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Sales Budget March April May June Total July August Note
Budgeted Sales units        275.00         250.00         300.00         400.00         375.00         425.00 A
Sell price per unit          25.00           25.00           25.00           25.00           25.00           25.00 B
Budgeted Sales Revenue     6,875.00     6,250.00     7,500.00 10,000.00 23,750.00     9,375.00 10,625.00 C=A*B
Cash sale is 80%     5,500.00      5,000.00      6,000.00      8,000.00 19,000.00      7,500.00      8,500.00 D=C*80%
Credit sale is 20%     1,375.00      1,250.00      1,500.00      2,000.00     4,750.00      1,875.00      2,125.00 E=C*20%
Collection Budget March April May June Total July August
Cash sale     5,500.00      5,000.00      6,000.00      8,000.00 19,000.00 See D
50% of Credit sale in the same month        687.50         625.00         750.00      1,000.00     2,375.00 F= 50% of E
50% of Credit sale in the following same month         687.50         625.00         750.00     2,062.50 G= 50% of E of previous month.
Total Scheduled Collections     6,312.50     7,375.00     9,750.00 23,437.50 H=D+F+G
Production Budget March April May June Total July August
Budgeted Sales units        275.00         250.00         300.00         400.00         375.00         425.00 See A
Add: Closing        100.00         120.00         160.00         150.00         170.00 I= 40% of A of next month.
Less: Opening        110.00         100.00         120.00         160.00         150.00 J= 40% of A of same month.
Production Budget        265.00         270.00         340.00         390.00         395.00
Material Purchase Budget March April May June Total July August
Production Budget         270.00         340.00         390.00         395.00 See J
Bamboo required per unit             4.00             4.00             4.00             4.00 K
Bamboo required      1,080.00      1,360.00      1,560.00      1,580.00 L=K*J
Add: Closing         408.00         468.00         474.00 M= 30% of L of next month.
Less: Opening         324.00         408.00         468.00 N= 30% of L of same month.
Material Purchase Budget     1,164.00     1,420.00     1,566.00
Direct Material Payment March April May June Total July August
Material Purchase Budget     1,164.00     1,420.00     1,566.00 See N
Cost per foot             2.00             2.00             2.00 O
Direct Material cost     2,000.00     2,328.00     2,840.00     3,132.00     8,300.00 P=N*O
80% paid in same month     1,600.00      1,862.40      2,272.00      2,505.60     6,640.00 Q=P*80%
20% paid in next month         400.00         465.60         568.00     1,433.60 R= 20% of P of previous month.
Direct Material Payment     2,262.40     2,737.60     3,073.60     8,073.60 W=Q+R
Variable manufacturing overhead Budget March April May June Total July August
Production Budget         270.00         340.00         390.00         395.00 See J
Variable manufacturing overhead per unit             0.30             0.30             0.30 S
Variable manufacturing overhead Budget           81.00         102.00         117.00         300.00 T=J*S
Variable Selling & admin expenses Budget March April May June Total July August
Budgeted Sales units         250.00         300.00         400.00 See A
Variable Selling & admin expenses per unit             0.60             0.60             0.60 U
Variable Selling & admin expenses Budget         150.00         180.00         240.00         570.00 V=A*U
Cash budget April May June Total
Beginning Cash Balance 10,800.00 10,519.10 13,774.50
Plus: Collections      6,312.50      7,375.00      9,750.00 23,437.50 See H
Cash Available 17,112.50 17,894.10 23,524.50 23,437.50
Disbursements
Direct Material Payment      2,262.40      2,737.60      3,073.60     8,073.60 See W
Variable manufacturing overhead           81.00         102.00         117.00         300.00 See T
Fixed manufacturing overhead (exc. depreciation)         450.00         450.00         450.00     1,350.00
Variable Selling & admin expenses         150.00         180.00         240.00         570.00 See V
Fixed Selling & admin expenses         650.00         650.00         650.00     1,950.00
Equipment purchased      3,000.00
Total cash payments     6,593.40     4,119.60     4,530.60 15,243.60
Ending cash balance 10,519.10 13,774.50 18,993.90
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