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 5,640 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materlals budget for July MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 4,700 Materials needed for production (ba) Total materials requirements (lbs) Materials to be purchased (lbs) Budgeted cost of direct materials purchases