To produce 120 cupcakes, Lihle needs to make 5 batches if one batch produces 24 cupcakes. However, it is important to plan for a little more than needed in case of any failures or discrepancies, so making an extra batch might be helpful. It is also important to consider the amount of frosting needed for 120 cupcakes, which can vary depending on the recipe. As a basic estimate, 1 cup of frosting is suggested for 12 cupcakes.