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 2020 January February March April May Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour 11,000 11,600 8,900 8,500 8,400 $50.50 $48.40 $48.40 $48.40 $48.40 1.7 $8 $9$9 2.2 $8 2.2 $8 1.7 1.7 Lowell 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. Lowell expects to begin the year with 19,120 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. 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