Data table Peterson Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Ron Hart, the controller, is responsible for preparing Peterson's master budget and has accumulated the following information for 2021 : (Click the icon to view some of the financial information.) (Click the icon to view additional information.) Read the requirements. Rdnet for Production and Direct Manfactrinc I ahor More info its. Ron Hart, the controller, is responsible for In addition to wages, direct manufacturing labor-related costs include pension contributions of $0.50 per hour, worker's compensation insurance of $0.15 per hour, employee medical insurance of $0.30 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 Peterson on its direct manufacturing employees is treated as a direct manufacturing labor cost. Peterson 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. Peterson expects to have 22,000 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