Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,600 units in August Each unit requires 4 pounds of direct materials, which cost $6 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 8,000 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 5.000 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases