Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,500 units (solar panels) in July and 5,500 units in August QS 20-15 Manufacturing: Factory overhead budget LO P1 Each unit requires 5 hours of direct labor at a rate of $18 per hour. Variable factory overhead is budgeted to be 70% of direct labor cost, and fixed factory overhead is $175,000 per month. Prepare a factory overhead budget for August MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 $ Variable overhead rate Budgeted fixed overhead Budgeted total overhead 346,500 175,000 521,500 $