Crane 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. January February March April May Estimated unit sales 12,480 14,560 13,520 11,440 11,440 Sales price per unit $46.00 $43.50 $43.50 $43.50 $43.50 Direct labor hours per unit 2.0 2.0 1.5 1.5 1.5 Wage per direct labor hour $6 $6 $6 $7 $7 Crane has a labor contract that calls for a wage increase to $7 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Crane expects to begin the year with 18,280 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 Crane Company by month and for the first quarter of the year. CRANE COMPANY Production Budget For the Quarter Ending March 31, 2022 Jan Feb Expected Unit Sales 12,480 14,560 Add V: Desired Ending Inventory Total Required Units Less v Beginning Inventory Required Production Units CRANE COMPANY Production Budget For the Quarter Ending March 31, 2022 n Feb Mar Total 12,480 14,560 13,520 40,560 ICO IT NE