Current Attempt in Progress Lily 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. Lily has a labor contract that calls for a wage increase to $8.0 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Lily expects to begin the year with 14,784 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. (a) Prepare a production budget for Lily Company by month and for the first quarter of the year. LILY COMPANY Production Budget For the Quarter Ending March 31, 2022 LILY COMPANY Production Budget For the Quarter Ending March 31, 2022 Sales in Units Feb Jan Desired Ending lnventory Total Reguired Units Less vi: Beginning ffventory 14784 Required Prodaction Units nTmuthenk and Media