Exercise 24-10 a-b (Part Level Submission) Lowell Company makes and sells artistic frames for pictures. The controller iis responsible for preparing the master budget and has accumulated the folowing information for 2020. January February March April May Estimated unit sales 11.100 10,800 8,700 8,400 8,000 Sales price per unit $50.50 $48.20 $48.20 $48.20 $48.20 Direct labor hours per unit 2.0 2.0 1.5 1.5 1.5 Wage per direct labor hour $9 $9 $9 $10 $10 Lowell has a labor contract that calls for a wege increase to 10 per hour on April 1. New labor saving machinery has been instailed and will be fuly operational hy 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 So% of the second following month's sales. (a) Prepare a production budget for Lowell Company by month and for the first quarter of the year. LOWELL COMPANY Production Budget Jan Feb Mar Total