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Required information Use the following information for the Quick Study below. (Algo) ...

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Accounting

Required information
Use the following information for the Quick Study below. (Algo)
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Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,300 units (solar panels) in July and 5,900 units in August.
QS 20-9(Algo) Manufacturing: Direct materials budget LO P1
Each unit requires 2 pounds of direct materials, which cost $6 per pound. The companys policy is to maintain direct materials inventory equal to 40% of the next months direct materials requirement. As of June 30, the company has 4,240 pounds of direct materials in inventory. Prepare the direct materials budget for July.

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