Required information Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,500 units (solar panels) in July and 5,900 units in August. 2S 20-11 (Algo) Manufacturing: Factory overhead budget LO P1 Each unit requires 3 hours of direct labor at a rate of $20 per hour. The company applies variable overhead at the rate of $12 per direct labor hour. Budgeted fixed factory overhead is $185,000 per month. Prepare a factory overhead budget for August. Exercise 20-10 (Algo) Manufacturing: Direct materials budget LO P1 Electro Company budgets production of 560,000 electric panels in the second quarter and 630,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.20 per pound. The company desires to end each quarter with an ending inventory of this material equal to 20% of next quarter's budgeted materials requirements. Beginning inventory of this material is 89,600 pounds. Prepare a direct materials budget for the second quarter. S 20-22 (Algo) Computing budgeted accounts receivable LO P2 ingston budgets total sales for June and July of $330,000 and $398,000, respectively. Cash sales are 70% of total sales, Of the redit sales, 15% are collected in the month of sale, 60% are collected during the first month after the sale, and the remaining 25% are collected in the second month after the sale. Determine the amount of accounts recelvable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. Exercise 20-6 (Algo) Manufacturing: production budgets LO P1 Electro Company manufactures transmissions for electric cars. Management reports ending finished goods inventory for the first quarter at 98,400 units. The following unit sales are budgeted during the rest of the year: second quarter, 246,000 units; third quarter, 325,000 units; and fourth quarter, 422,000 units. Company policy calls for the ending finished goods inventory of a quarter to equal 40% of the next quarter's budgeted unit sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture