Required information Use the following information for the Quick Study below. Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500 units (solar panels) in July and 4,900 units in August. QS 20-13 Manufacturing: Direct materials budget LO P1 Each unit requires 2 pounds of direct materials, which cost $6 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 1,800 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) 4,500 Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) os.) Budgeted cost of direct materials purchases MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 4,500 M a la....dedim...d...1!. ILI Budgeted units sales for month Materials price per pound Materials requirements per unit Materials to be purchased PUUTTUUUU MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 4,500 Materials needed for production (lbs.) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII level . IL. Add: Budgeted ending inventory (lbs.) Less: Budgeted ending inventory (lbs.) Add: Beginning inventory (lbs.) Less: Beginning inventory (lbs.) MIAMI SOLAR Direct Materials Budget For Month Ended July 31 Budget production (units) 4,500 Materials needed for production (lbs.) Total materials requirements (lbs.) M . l. i. L. -..- L ...d /IL. Add: Budgeted ending inventory (lbs.) Less: Budgeted ending inventory (lbs.) Add: Beginning inventory (lbs.) Less: Beginning inventory (lbs.) complies with the policy. Prepare a direct matellals budget Tol July. MIAMI SOLAR Direct Materials Budget For Month Ended July 31 4,500 Budgeted units sales for month Materials price per pound Materials requirements per unit Materials to be purchased via als 10 ve purchaseu (Is.) IIIIIIIIIIIIIIIII Budgeted cost of direct materials purchases