Austin Company makes and sells artistic frames for pictures of weddings, graduations, and other upecial evente. Ron Kern, the controller, is responsible for proparing Austin's master budget and has accumulated the folowing information for 2021 : (Cick the bon to view some of the finandat information.) (CSick the icon to view addibichal information) Read the fequitements Data table More info In addition to wages, direct manufacturing labor-related costs include pension contributions of $0.60 per hour, worker's compensation insurance of $0.15 per hour, employee medical insurance of $0.50 per hour, and Social Security taxes. Assume that as of January 1,2021, the Social Security tax rates are 7.5% for employers and 7.5% for employees. The cost of employee benefits paid by Austin on its direct manufacturing employees is treated as a direct manufacturing labor cost. Austin has a labor contract that calls for a wage increase to $11 per hour on April 1, 2021. New labor-saving machinery has been installed and will be fully operational by March 1, 2021. Austin expects to have 19,500 frames on hand at December 31,2020 , and it has a policy of carrying an end-of-month inventory of 100% of the following month's sales plus 50% of the second following month's sales. Requirement 1. Prepare a production budget and a direct manutacturing labor cost budget for Austin Company by month and for the first quarter of 2021. You may combine both budgets one schedule. The direct manufacturing labor cost budget should include laborhours and show the details for each labor cost category. Start the schedule by preparing the production budget and caiculating the tolal hours of diect manufacturing labor time needed for the three months in the quarter, then caiculate the valives for the quarter. Finiah by preparing the botiom portion of the schedule for the direct manutacturing labor by month, then quarter, (Entor the direct manifictiaing labor-houra per unit fo one Becimal place, X. Do not round interim calculations, and then enter all amounts in the budget [olher than the direct manutacturing labor hours per unil] to the nearest whole number.]