Prepare the direct materials budget for July.

Miami Solar manufactures solar panels for industrial use. The company budgets production of 13,600 units (solar panels) in July and 15,000 units in August. Each unit requires 4.6 pounds of direct materials, which cost $8 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 25,024 pounds of direct materials in inventory. Prepare the direct materials budget for July. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 Miami Solar manufactures solar panels for industrial use. The company budgets producti units (solar panels) in July and 15,000 units in August. Each unit requires 4.6 pounds of direct materials, which cost $8 per pound. The company maintain direct materials inventory equal to 40% of the next month's direct materials re