E24.10 (LO 2, 3) Lowell Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2020 Prepare production - budgets. Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour January 12,000 $50.00 2.0 $8.00 February 14.000 $47.50 2.0 $8.00 March 13,000 $47.50 1.5 $8.00 April 11,000 $47.50 1.5 $9.00 May 11.000 $47.50 1.5 $9.00 Lowell has a labor contract that calls for a wage increase to $9.00 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Lowell expects to begin the year with 17,600 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. Instructions Prepare a production budget and a direct labor budget for Lowell Company by month and for the first quarter of the year. The direct labor budget should include direct labor hours