Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,000 units (solar panels) in July and 5,300 units in August os 20-13 Manufacturing: Direct materials budget LO P1 Each unit requires 3 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 4,500 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) Materials needed for production (ibs) tacn unit requires s pounas or airect materiais, wnicn cost so per inventory equal to 30% of the next month's direct materials require materials in inventory, which complies with the policy. Prepare a din MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) Materials needed for production (lbs.) Total materials requirements (Ibs.) Materials to be purchased (lbs) Budgeted cost of direct materials purchases 5,000