Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,600 units (solar panels) in July and 4,900 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LO P1 Each unit requires 2 pounds of direct moterials, 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 2,240 pounds of direct materials in inventory. Prepare the direct materials budget for July. Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,600 units (solar panels) in July and 4,900 units in August. QS 20-9 (Algo) Manufacturing: Direct materials budget LOP1 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 20% of the next month's direct materials requirement. As of June 30, the company has 2,240 pounds of direct materials in inventory. Prepare the direct materials budget for July