1 Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,600 units in August 1 Part 1 of 3 Each unit requires 3 pounds of direct materials, which cost $5 per pound. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. As of June 30, the company has 5,040 pounds of direct materials in inventory, which complies with the policy Prepare a direct materials budget for July 12 Doints MIAMI SOLAR Obec Materials Budget For Month Ended Joy31 Budget production units 4.200 Materiais needed for production (ib) Total materials requirements (ibu) Materials to be purchased (lbs) Budgeted cost of direct materials purchases