Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,500 units (solar panels) in July and 5,800 units in August QS 20-13 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 4,400 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) 5,500 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Budgeted cost of direct materials purchases Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,500 units (solar panels) in July and 5,800 units in August. QS 20-14 Manufacturing: Direct labor budget LO P1 Each unit requires 3 hours of direct laborat a rate of $13 per hour. Prepare a direct labor budget for July MIAMI SOLAR Direct Labor Budget For Month Ended July 31 Budgeted production 5,500 Total tabor hours needed Budgeted cost of direct labor