Miami Solar manufactures solar panels for Industrial use. The company budgets production of 6,000 units (solar panels) in July and 5,500 units in August. QS 20-11 (Algo) Manufacturing: Factory overhead budget LO P1 Each unit requires 3 hours of direct labor at a rate of $20 per hout. The company applies variable overhead at the rate of $12 per direct labor hour Budgeted fixed factory overhead is $176,000 per month. Prepare a factory overhead budget for August MIAMI SOLAR Factory Overhead Budget August Direct labor hours needed Vanable overhead rate per direct labor hour budgeted variable ovethead Budgeted fixed overhead Budgeted total factory overhead s 0 Electro Company budgets production of 510,000 electric panels in the second quarter and 580.000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.90 per pound. The company desires to end each quarter with an ending inventory of this material equal to 20% of next quarter's budgeted materials requirements. Beginning inventory of this material Is 81.600 pounds Prepare a direct materials budget for the second quarter. ELECTRO COMPANY Direct Materials Budget Second Quarter 510.000 units Units to produce Materials toquod per unit Materials needed for production (pounds) Add Desired ending materials inventory Total materials required Loss Beginning materials inventory Mates to purchase (pounds) Materials cost per pound Cost of direct materials purchases Music World reports the following budgeted sales: August $180,000, and September. $180,000. Cosh sales are 40% of total sales, and all credit sales are collected in the month following the sale. Prepare a schedule of cash receipts from sales for September. MUSIC WORLD Schedule of Cash Receipts from Sales September Sales $ 180,000 Cash receipts from Cash sales Collections of prior period sales Total cash receipts $