Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,200 units (solar panels) in July and 5,700 units in August. Each unit requires 2 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 4,160 pounds of direct materials in inventory. Prepare the direct materials budget for July. Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,200 units (solar panels) in July and 5,700 units in August. Each unit requires 4 hours of direct labor at a rate of $12 per hour. Prepare a direct labor budget for July