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E23-10 Lowell Company makes and sells artistic frames for pictures. The controller is responsible for...

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E23-10 Lowell Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following informa- tion for 2017. Estimated unit sales Sales price per unit Direct labor hours per unit Wage per direct labor hour January February March April May 12,000 14,000 13,000 11,000 11,000 $50.00 $47.50 $47.50 $47.50 $47.50 2.0 2.0 1.5 1.5 1.5 $8.00 $8.00 $8.00 $9.00 $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 17,600 frames on hand and has a policy of car rying an end-of-month inventory of 100% of the following month's sales, plus 40% of the second following month's sales, Instructions Prepare a production budget and 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. (CMA-Canada adapted)

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