Oriole Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2022.

		January		February		March		April		May
Estimated unit sales		13,200		15,400		14,300		12,100		12,100
Sales price per unit		$52.00		$49.50		$49.50		$49.50		$49.50
Direct labor hours per unit		2.0		2.0		1.5		1.5		1.5
Wage per direct labor hour		$6		$6		$6		$7		$7

Oriole has a labor contract that calls for a wage increase to $7 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Oriole expects to begin the year with 19,330 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.