A company produces industrial rotors and provides the following additional information about steel, which is a direct material for the rotors:

Pounds of steel needed per rotor $7$ pounds

Steel cost $$2\mathrm{.}37/$pound

At the end of each month, the company wants to have $40\%$ of the raw materials that will be needed for the next month on hand. Budgeted rotor production for the next two months is:

November $10,000$ rotors

December $8,000$ rotors

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.$)$