Required information Skip to question Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August. Each unit requires 3 pounds of direct materials, which cost $6 per pound. The companys policy is to maintain direct materials inventory equal to 30% of the next months direct materials requirement. As of June 30, the company has 4,500 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July.

Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August. Each unit requires 3 pounds of direct materials, which cost $6 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 4,500 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. MIAMI SOLAR 5,000 3 Direct Materials Budget For Month Ended July 31 Budget production (units) Materials requirements per unit Materials needed for production (lbs.) Add: Budgeted ending inventory (lbs.) Total materials requirements (lbs.) Less: Beginning inventory (lbs.) Materials to be purchased (lbs.) Materials price per pound Budgeted cost of direct materials purchases Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August. Each unit requires 4 hours of direct labor at a rate of $16 per hour. Prepare a direct labor budget for July. MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 5,000 Total labor hours needed Budgeted cost of direct labor Required information Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August. h unit requires 4 hours of direct labor at a rate of $16 per hour. Variable factory overhead is budgeted to be 70% of direct labor , and fixed factory overhead is $180,000 per month. Prepare a factory overhead budget for August. MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Budgeted fixed overhead Budgeted variable overhead $ 0 Total budgeted direct labor Variable overhead rate