Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,700 units (solar panels) in July and 5,600 units in August. Each unit requires 4 pounds of direct materials, which cost $5 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 5.640 pounds of direct materials in inventory. Prepare the direct materials budget for July. Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,700 units (solar panels) in July and 5,600 units in August. Each unit requires 3 hours of direct labor at a rate of $18 per hour. Prepare a direct labor budget for July. Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,700 units (solar panels) in July and 5,600 units in August. ach unit requires 3 hours of direct labor at a rate of $18 per hour. The company applies variable overhead at the rate of $16 per direct abor hour. Budgeted fixed factory overhead is $177,000 per month. Prepare a factory overhead budget for August