Prepare a production budget for Lowell Company by month and for the first quarter of the year. Prepare a direct labor budget for Lowell Company by month and for the first quarter of the year. The direct labor budget should include directlabor hours. (Round Direct labor hours per unit answers to 1 decimal ploce, eg 52.7 .) Lowell Company makes and sells artistic framos 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 $9 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 towell Company by month and for the first nuarter of the year