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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\mathrm{.}00$ per foot. Each frame takes approximately $30$ minutes $to$ build, and the labor rate averages $$12\mathrm{.}00$ per hour. Iguana has the following inventory policies:

Ending finished goods inventory should $be40$ percent $of$ next month$s$ sales.

Ending raw materials inventory should $be30$ percent $of$ next month$s$ 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 $of$ $$0\mathrm{.}30$ per unit produced. Annual fixed manufacturing overhead $is$ estimated $tobe$ $$7,200($$$600$ per month$)$ for expected production $of4,000$ units for the year. Selling and administrative expenses are estimated $at$ $$650$ per month plus $$0\mathrm{.}60$ per unit sold.

Iguana, Inc., had $$10,800$ cash $on$ hand $on$ April $1.Of$ its sales, $80$ percent $isin$ 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 $$2,000.$ All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $$150in$ depreciation. During April, Iguana plans $to$ pay $$3,000$ for a piece $of$ equipment.

Required:

$1.$ Compute the budgeted cash receipts for Iguana. $(Do$ not round your intermediate calculations. Round final answers $to2$ decimal places.$)$

$2.$ Compute the budgeted cash payments for Iguana. $(Do$ not round your intermediate calculations. Round final answers $to2$ decimal places.$)$

$3.$ Prepare the cash budget for Iguana. Assume the company can borrow $in$ increments $of$ $$1,000\mathrm{.}00to$ maintain $a$ $$10,000\mathrm{.}00$ minimum cash balance. $(Leaveno$ cell blank enter $"0"$ wherever required. Round your answers $to2$ decimal places.$)$

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decimal places.$$1,000\mathrm{.}00to$ maintain $a$ $$10,000\mathrm{.}00$

minimum cash balance. $(Leaveno$ cell blank enter $"0"$ wherever required. Round your answers $to2$ decimal places.$)$