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 10,000 $50.00 Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour February 11,000 $47.00 2.0 $7 March 8,000 $47.00 1.5 $7 April 8,000 $47.00 1.5 $8 May 8,000 $47.00 1.5 $8 2.0 $7 Lowell has a labor contract that calls for a wage increase to $8 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 14,400 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 40% 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