Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,800 units (solar panels) in July and 5,400 units in August Each unit requires 4 pounds of direct materials, which cost $7 per pound. The company's policy is to maintain direct materials inventory equal to 30 % of the next month's direct materials requirement. As of June 30, the company has 6,960 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 5,800 Materials needed for production (Ibs.) Total materials requirements (Ibs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases Each unit requires 3 hours of direct labor at a rate of $15 per hour. Prepare a direct labor budget for July MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 5,800 Total labor hours needed Budgeted cost of direct labor