Part 1 of 3 Use the following information for the Quick Study below. (Algo) lami Solar manufact 10 units (solar panel in July and 5.800 uniserial use. The company budgets production of Loints QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires's pounds of direct materials, which cost $7 per materials requirement. As of June 30, the company has . 10 0 .050 pounds of direct materials in inventory . Prepare the direct materials budget for July . MIAMI SOLAR Direct Materials Budget Units to produce Materials required per unit (Pounds Add: Desired ending materials inventory Total materials required (pounds) Loss:Beginning materials inventory Materials cost per pound Cost of direct materials purchases Each unit requires 5 hours of direct labor at a rate of $11 per hour. Prepare a direct labor budget for July. MIAMI SOLAR Direct Labor Budge prices to produce Direct labor hours needed Cost of direct labor rate of $10 per direct labor hour. guanor at a rate of $11 per hour. The company applies variable overhead at the overhead budget for August. MIAMI SOLAR actory Overhead Budget August Direct labor hours needed Budgeted variable overhead Budgeted total factory overhead points Electro Company budgets production of 500,000 electric panels in the second quarter and 570,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.80 per pound, The company Skipped materials requirements . Beginning inventory of this material is 80,000 pounds . Prepare a direct materials budget for the second quarter . ELECTRO COMPANY irect Materials Budget Units to produce 500,000 units Materials needed for production (pounds ) Total materials required Materials to purchase (pounds) Cost of direct materials purchases 1.05 50% of total sales, and all credit sales are collected in the month following the sale. Prepare a schedule of cas MUSIC WORLD Schedule of Cash Receipts from Sales Sales Cash receipts from: Total cash receipts point The Guitar Shoppe reports the following budgeted sales: August, $110,000; and September, $180.000. For its total The remaining 15% are written off as uncollectible . Prepare a schedule of cash receipts from sales for september. THE GUITAR SHOPPE Schedule of Cash Receipts from Sales September Sales Cash receipts from Total cash receipts 105 points $76.000. All sales are on credit, and 5% of those credit sales are budgeted as uncollectible. Collection of the month after sale. Prepare a schedule of cash receipts from sales for November. first month after sale and 35% in the second Schedule MLS COMPANY November Sales $ 76,00 Cash receipts from: Total cash recei