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 Steel cost 5 pounds $2.34/pound 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: November December 12,000 rotors 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.)