Direct Materials Purchased Kingsworth Inc. budgeted production of 62,000 personal journals in 2016. Paper is required to produce a journal. Assume 105 square yards of paper are required for each yournal. The estimated January 1, 2016, paper inventory is 391,000 square yards. The desired December 31, 2016, paper inventory is 293,000 square yards If paper costs $0.11 per square yard, determine the direct materiais purchases budget for 2016. If required, round your final answer to the nearest dollar