Miami Solar manufactures solar panels for Industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,500 units in August. Each unit requires 4 pounds of direct materials, which cost $6 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 6,000 pounds of direct materials in Inventory, which complies with the policy. Prepare a direct materials budget for July 5,000 MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) Materials requirements per unit Materials needed for production (lbs) Add: Budgeted ending inventory (lbs.) Total materials requirements (lbs.) Less Beginning inventory (lbs.) Materials to be purchased (lbs) Materials price per pound Total cost of direct materials purchases Miami Solar budgets production of 5,400 solar panels for August. Each unit requires 3 hours of direct labor at a rate of $20 per hour. Variable factory overhead is budgeted to be 70% of direct labor cost, and fixed factory overhead is $182,000 per month. Prepare a factory overhead budget for August MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Total budgeted direct labor $ Variable overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead $ 5,400 0 Miami Solar budgets production of 5,900 solar panels in July. Each unit requires 4 hours of direct labor at a rate of $16 per hour. Prepare a direct labor budget for July. MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 5,900 Total labor hours needed Total cost of direct labor