Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,100 units (solar panels) in July and 4,900 units in August. Each unit requires 3 pounds of direct materials, which cost $5 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 6,120 pounds of direct materials in inventory. Prepare the direct materials budget for July