Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,800 units (solar panels) in July and 4,800 units in August. QS 7-13 Manufacturing: Direct materials budget LO P1 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 20% of the next month's direct materials requirement. As of June 30, the company has 2,320 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July 3 Answer is complete but not entirely correct. MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) Materials requirements per unit Materials needed for production (bs.) Add: Budgeted ending inventory (bs) Total materials requirements (lbs.) Less: Beginning inventory (Ibs.) Materials to be purchased (lbs.) Materials price per pound Budgeted cost of direct materials purchases 5,800 11,600 4,640 0 16.240 2320 13,920 83,520