Exercise 9-10 (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 Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour 10,700 $50.60 2.1 $7.00 11,000 9,0008,7008,900 $47.90 $47.90 $47.90 $47.90 2.1 1.5 1.515 $7.00 $7.00 $8.00 $8.00 Lowell has a labor contract that calls for a wage increase to $8.00 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Lo ell expects to begin the year with 18,400 frames on hand and has a policy of ca the second following month's sales. ying an end-of-month inventory of i00% of the folowing monthS sales, plus 70% or