Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,200 units (solar panels) in July and 6,100 units in August. QS 22-13 Manufacturing: Direct materials budget LO PA Each unit requires 2 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 3,120 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) 5,200 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases Each unit requires 4 hours of direct labor at a rate of $12 per hour. Prepare a direct labor budget for July. MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 5,200 Total labor hours needed Budgeted cost of direct labor Each unit requires 4 hours of direct labor at a rate of $12 per hour. Variable factory overhead is budgeted to be 70% of direct labor cost, and fixed factory overhead is $176,000 per month. Prepare a factory overhead budget for August. MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Budgeted total overhead $ 0