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. 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 18,020 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the ollowing month's sales, plus 60% of the second following month's sales. Prepare a production budget for Lowell Company by month and for the first quarter of the year