Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,200 units (solar panels) in July and 4,700 units in August. ach unit requires 4 pounds of direct materials, which cost $5 per pound. The company's policy is to maintain direct materials ventory equal to 40% of the next month's direct materials requirement. As of June 30 , the company has 6,720 pounds of direct haterials in inventory. Prepare the direct materials budget for July