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. April January February 10,000 11,000 $50.00 $47.00 March 8,000 8,000 $47.00 May 8,000 $47.00 $47.00 Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour 2.0 2.0 1.5 1.5 1.5 $7 $7 $7 $8 $8 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. Prepare a production budget for Lowell Company by month and for the first quarter of the year. LOWELL COMPANY Production Budget Jan Feb Required Production Units Total Required Units Desired Ending Finished Goods Unit Beginning Direct Materials Total Materials Required Beginning Finished Goods Unit Desired Ending Direct Materials Direct Materials Per Unit Direct Materials Purchases Expected Unit Sales e Textbool Jan Feb