2 Required information Use the following information for the Quick Study below. Part 1 of 3 Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,100 units (solar panels) in July and 6,100 units in August 6.66 points QS 22-13 Manufacturing: Direct materials budget LO P1 eBook Each unit requires 3 pounds of direct materials, which cost $6 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. As of June 30, the company has 2,460 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. Hint MIAMI SOLAR Direct Materials Budget Print For Month Ended July 31 Budget production (units) 4,100 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost direct materials purchases 3 Required information Part 2 of 3 Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,100 units (solar panels) in July and 6,100 units in August. 6.66 points QS 22-14 Manufacturing: Direct labor budget LO P1 eBook Each unit requires 3 hours of direct labor at a rate of $13 per hour. Prepare a direct labor budget for July MIAMI SOLAR Hint Direct Labor Budget For Month Ended July 31 Budgeted production 4.100 Print Total labor hours needed Budgeted cost of direct labon 4 Required information Part 3 of 3 Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,100 units (solar panels) in July and 6,100 units in August. 6.66 points QS 22-15 Manufacturing: Factory overhead budget LO P1 eBook Each unit requires 3 hours of direct labor at a rate of $13 per hour. Variable factory overhead is budgeted to be 80 % of direct labor cost, and fixed factory overhead is $172,000 per month. Prepare a factory overhead budget for August Hint MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Print Budgeted total overhead $ 0