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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 30% of the next month's direct materials requirement. As of June 30, the company has 3,480 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. 5,800 MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) Materials requirements per unit Materials needed for production (lbs) Add Budgeted ending inventory (lbs.) Total materials requirements (lbs.) Less: Budgeted ending inventory (lbs) Materials to be purchased (lbs) Materials price per pound Budgeted cost of direct materials purchases Each unit requires 3 hours of direct labor at a rate of $11 per hour. Prepare a direct labor budget for July. MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 5,800 Total labor hours needed Budgeted cost of direct labor Each unit requires 3 hours of direct laborat a rate of $11 per hour. Variable factory overhead is budgeted to be 70% of direct labor cost, and fixed factory overhead is $174,000 per month. Prepare a factory overhead budget for August MIAMI SOLAR Factory Overhead Budget For Month Ended August 31 Budgeted total overhead 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