Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,600 units (solar panels) in July and 5,700 units in August. QS 20-9 (Algo) 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 40% of the next month's direct materials requirement. As of June 30, the company has 6,720 poun of direct materials in inventory. Prepare the direct materials budget for July.