Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,600 units (solar panels) July and 5,700 units in August. 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 30% of the next month's direct materials requirement. As of June 30, the company has 6,720 pounds of dire materials in inventory. Prepare the direct materials budget for July. MIAMI SOLAR Direct Materials Budget Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases July 45.600