Lowell Company malous and sells artistic frames for pictures. The controller is responsible for preparing tha accumulated the following information for 2020. January February March April May Estimated unit sales 10,400 11,800 8,700 8,300 8,300 Sales price per unit $50.70 $48.40 $48.40 $48.40 $48.40 Direct labor hours per unit 20 2.0 1.5 1.5 1.5 Wage per direct labor hour $7 $7 $7 $8 $8 aster budget 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 qperational by March 1. Lowell expects to begin the year with 16,300 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 50% 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 alas Desired Ending Direct Materials For the Year Ending March 31, 2020 Jan 14,157 Feb Mar