Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,800 units (solar panels) in July and 4,800 units in August. 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 40% of the next month's direct materials requirement. As of June 30, the company has 5,760 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) Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases 4,800 16 Each unit require 3 p inventory equal to 40% of the next month's direc materials in inventory, which complies with the p MIAMI SOLAR Direct Materials Budget For Month Ended July 31 4 Budget production (units) Budgeted units sales for month Materials price per pound Materials requirements per unit Materials to be purchased