Company makes and sells a single product. Budgeted production of this product for the next four months is as follows:  budgeted units to be produced February 29,000 March 38,000 April 70,000 May 15,000 Each unit produced requires 4 ounces of direct materials. The monthly ending inventory of direct materials should be equal to 160% of the next month's production needs. The cost of direct materials is $1.60 per ounce. Calculate the cost of direct materials budgeted to be purchased in March.