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 5,200 units in August. QS 20-13 Manufacturing: Direct materials budget LO P1 Each unit requires 4 pounds of direct materials, which cost $5 per pound. The company's policy is to maintair direct materials inventory equal to 30% of the next month's direct materials requirement. As of June 30 , the company has 6,960 pounds of direct materials in inventory, which complies with the policy. Prepare a direct materials budget for July. 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 5,200 units in August. QS 20-14 Manufacturing: Direct labor budget LO P1 Each unit requires 5 hours of direct labor at a rate of $13 per hour. Prepare a direct labor budget for July. 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 5,200 units in August. QS 20-15 Manufacturing: Factory overhead budget LO P1 Each unit requires 5 hours of direct labor at a rate of $13 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