Exercise 21-10 (Part Level Submission) 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 2017. anuary February March AprilMay 12,000 Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour 14,000 13,000 1,000 11,000 $50.00 $47.50 $47.50 $47.50 $47.50 1.5 $8.00 $8.00$9.00 $9.00 2.0 2.0 1.5 1.5 $8.00 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-or month inventory of 100% of the ollowing months sies is of the second following month's sales