Ivanhoe 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. January February March April May Estimated unit sales 10,400 11,000 8,700 8,000 8,500 Sales price per unit $50.90 $48.10 $48.10 $48.10 $48.10 Direct labor hours per unit 2.2 2.2 1.6 1.6 1.6 Wage per direct labor hour $8 $8 $8 $9 $9 Ivanhoe has a labor contract that calls for a wage increase to $9 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Ivanhoe expects to begin the year with 14,800 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the I following month's sales, plus 40% of the second following month's sales. (a) Prepare a production budget for Ivanhoe Company by month and for the first quarter of the year. IVANHOE COMPANY Production Budget Expected Unit Sales Add : Desired Ending Finished Goods Unit ~ Total Required Units Less Beginning Finished Goods Unit Required Production Units Jan Feb M (a) Prepare a production budget for Ivanhoe Company by month and for the first quarter of the year. IVANHOE COMPANY Production Budget it Jan Feb Mar Total