Coronado Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2022. February March April May January 14,160 $60 16,520 15.340 12.980 12,980 $57.5 $57.5 $57.5 $57.5 Estimated unit sales Unit selling price Direct labor hours per unit Direct labor cost per hour 2.0 20 1.5 1.5 1.5 $6.0 $6.0 $6,0 $7.0 $70 Coronado has a labor contract that calls for a wage increase to $7.0 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Coronado expects to begin the year with 20,768 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 40% of the second following month's sales. Prepare a production budget for Coronado Company by month and for the first quarter of the year. CORONADO COMPANY Production Budget Jan Feb Mar Total Required Production Units Desired Ending Inventory Sales in Units Beginning Inventory Total Required Units Direct Materials Purchases Total Materials Required Desired Ending Direct Materials Direct Materials Per Unit Beginning Direct Materials