Question 2 Sheridan 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. Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour January 10,700 $50.50 2.0 $8 February 11,100 $47.60 2.0 $8 March 8,300 $47.60 1.6 $8 April 8,700 $47.60 1.6 $9 May 8,800 $47.60 1.6 $9 Sheridan 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. Sheridan expects to begin the year with 16,250 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. Prepare a production budget for Sheridan Company by month and for the first quarter of the year. SHERIDAN COMPANY Production Budget Jan Feb Mar Total Prepare a direct labor budget for Sheridan 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, e.g. 52.7.) SHERIDAN COMPANY Direct Labor Budget Jan Feb Mar Total Click if you would like to Show Work for this question: Open Show Work