Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,600 units (solar panels) in July and 5,000 units in August. QS 20-13 Manufacturing: Direct materials budget LO P1 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 30% of the next month's direct materials requirement. As of June 30, the company has 4,140 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 4,600