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 4,700 units (solar panels) in July and 4,900 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 2 pounds of direct materials, which cost $5 per pound. The company's policy is to maintain direct materials inventory equal to 40% of the next month's direct materials requirement. As of June 30, the company has 3,760 pounds of direct materials in inventory. Prepare the direct materials budget for July. Units to produce MIAMI SOLAR Direct Materials Budget July 4,700 Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases