Exercise 23-10 (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. January February March April May 10,900 Estimated unit sales 11,900 8,200 8,700 8,100 Sales price per unit $50.20 $48.00 $48.00 $48.00 $48.00 Direct labor hours per unit 2.3 2.3 1.5 1.5 1.5 wage per direct labor hour $8.00 $8.00 $8.00 $9.00 $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 19,230 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 70% of the second following month's sales. (a) 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, 2017 Jan Total Feb Mar T 8,200 T Sales in Units 10,900 1,000 11,900 Less Required Production Units