Assume Zheng Company has the following sales and production budget figures for backpacks: January February March Sales 5,000 backpacks 7,000 backpacks 6,500 backpacks Production 5,400 backpacks 7,200 backpacks 6,900 backpacks Assume Zheng Company uses 2 ft of fabric for each backpack. Zheng Company's policy is to maintain ending direct materials on hand each month at a level equal to 16% of the following month's production budget. The cost of each foot of fabric is $1.50 per foot. How much in dollars should Zheng Company budget for materials for February? (round to the nearest dollar)