Question 8 of 12 -/12 E View Policies Current Attempt in Progress Lily 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 13,200 15,400 14,300 12,100 12,100 $60 $57,5 $57.5 $57.5 $57.5 Estimated unit sales Unit selling price Direct labor hours per unit Direct labor cost per hour 2.0 2.0 1.5 1.5 1.5 $6.0 $6.0 $6.0 $7.0 $7.0 Lily has a labor contract that calls for a wage increase to $7.0 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Lily expects to begin the year with 19,360 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. (a) Prepare a production budget for Lily Company by month and for the first quarter of the year. Question 8 of 12 - / 12 (a) Prepare a production budget for Lily Company by month and for the first quarter of the year, LILY COMPANY Production Budget Jan Feb e Textbook and Media MacBook Pro (a) Prepare a production budget for Lily Company by month and for the first quarter of the year. LILY COMPANY Production Budget Jan Feb Mar Total e Textbook and Media MacBook Pro