QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 4 pounds of direct materials, which cost $7 per pound. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement As of June 30 , the company has 3.520 pounds of direct materials in inventory. Prepare the direct materials budget for July. Required information Use the following Information for the Quick Study below. (Algo) Miami Solar mantifactures solar panels for industrial use. The company buidgets production of 4,400 units (solar panels) in July and 4,500 units in August. QS 20-11 (Algo) Manufacturing: Factory overhead budget LO P1 Each unit requires 4 hours of direct labor at a rate of $19 per hour. The company applles variable overhead at the rate of $14 per direct labor hout, Budgeted fixed factory overhead is $176.000 per month. Prepare a factory overhed budget for August