Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,300 units (solar panels) in July and 5,500 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 nventory equal to 40% of the next month's direct materials requirement. As of June 30 , the company has 6,880 pounds of direct naterials in inventory. Prepare the direct materials budget for July. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,300 units (solar panels) in July and 5,500 units in August. Each unit requires 3 hours of direct labor at a rate of $12 per hour. Prepare a direct labor budget for July Miami Solar manufactures solar panels for industrial use. The compary budgets production of 4,300 units (solar panels) in July and 5,500 units in August Each unit requires 3 hours of direct labor at a rate of $12 per hour. The company applies variable overhead at the rate of $20 per direct abor hour. Budgeted fixed factory overhead is $176,000 per month. Prepare a factory overhead budget for August