Exercise 23-10 Lowell Company makes and sells artistic frames for pictures. The controller is responslble for preparing the master budget and has accumulated the following information for 2017 Estimated unit sales Sales price per unit Diect labor hours per unit Waga per direct lahar hour January February MarchApiMay 0,800 1100 ,700 8,408,000 50.50$48.20 $48.20 $4.20 48.20 2.0 15151.5 $9.DD..DD 0.00 $10.00 8,40 8, 2.0 Lowell has a labor cantract that calls for a wage increase to $10.00 per hour on April 1. New labor-saving machinery has been installed and wl l be fully operational by March 1. Lowell expects to begin the year with 16,350 frames on hand and 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