please explain each step.

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 2017 Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour January 10,200 $50.00 2.0 $8.00 February 11.700 $48.20 2.0 $8.00 March 8,600 $48.20 1.7 $8.00 April 8,100 $48.20 1.7 $9.00 May 8,200 $48.20 1.7 $9.00 Lowell has a labor contract that calls for a wage increase to $9.00 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 14,880 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 Sales In Units 10200 11700 Add Desired Ending Direct Materials V Total Needs Less Beginning Inventory Required Production Units e Textbook and Media Assistance Used 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 10200 11700 8600 Prepare a direct labor budget for Lowell Company by month and for the first quarter of the year. The direct labor budget should include direct labor hours. (Round Direct labor hours per unit answers to 1 decimal place, eg 527) LOWELL COMPANY Direct Labor Budget Jan Feb E $ $ $ e Textbook and Media Prepare a direct labor budget for Lowell Company by month and for the first quarter of the year. The direct labor budget should include direct labor hours. (Round Direct labor hours per unit answers to 1 decimal place, eg. 52.7.) LOWELL COMPANY Direct Labor Budget Jan Feb Mar Total