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 5.400 units (solar panels) in July and 5,600 units in August Each unit requires 4 pounds of direct materials, which cost $5 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 4,320 pounds of direct materials in inventory. Prepare the direct materials budget for July MIAMI SOLAR Direct Materials Budget Units to produce July 5.400 Materials needed for production (pounds) Total materials required (poundo) Materials to be purchased (pounds) Cost of direct materials purchases Each unit requires 4 hours of direct labor at a rate of $19 per hour. Prepare a direct labor budget for July MIAMI SOLAR Direct Labor Budget Units to produce July 5.400 Direct labor hours needed Cost of direct labor