Exercise 22-10 (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 2020. Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour January 10,600 $50.20 2.3 $2 February 11,400 $48.80 2.3 $7 March 8,900 $48.80 1.7 $7 April 8,800 $48.80 1.7 $8 May 8,300 $48.80 1.7 $8 Lowell has a labor contract that calls for a wage increase to $8 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 15,160 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. Your answer is partially correct. Try again. Prepare a production budget for Lowell Company by month and for the first quarter of the year. LOWELL COMPANY Production Budget For the Year Ending March 31, 2020 Feb Mar Total Expected Unit Sales 8900 Add Desired Ending Finished Goods Unit : Total Required Units Beginning Finished Goods Unit ] Required Production Units