A company produces industrial rotors and provides the following additional information about steel, which is a direct material for the rotors: At the end of each month, the company wants to have 20% of the raw materials that will be needed for the next month on hand. Budgeted rotor production for the next two months is: What will be the budgeted cost of steel purchases for November? (Round the final answer to the nearest dollars and cents and remember that your final answer should be a cost, not a number of pounds.)