A3v-Jc9 Company is in the process of preparing a direct material purchases budget and has provided the following information : budgeted units to be produced May 53, 700 June 44, 600 July 71, 700 Each unit produced requires 4 pounds of direct materials. The monthly ending inventory of direct materials should be equal to 115% of the next month's production needs. The cost of direct materials is $1.40 per pound. Calculate the cost of direct materials budgeted to be purchased in May