A lapping machine, which is able to grind surfaces to a flatness of 0.4 micro inches, is estimated to require 0.5 hours for setup per day and 1.721 minutes per unit of cycle. The cycle runs the entire day. In the coming year you are forecasting 51,000 units and 200 days of production. If your machining cost is $12.50 per hour, what is your machining expense estimate for the budget?