Direct Materials Purchases Budget Kidman Inc. budgeted production of 60,000 personal journals in 2016. Paper is required to produce a journal. Assume 114 square yards of paper are required for each journal. The estimated January 1, 2016, paper inventory is 274,000 square yards. The desired December 31, 2016, paper inventory is 239,000 square yards. If paper costs $0.14 per square yard, determine the direct materials purchases budget for 20Y6. If required, round your final answer to the nearest dollar. $ 962,500 x Feedback Check My Work Remember to take into account materials required for production, desired ending materials inventory and estimated beginning materials inventory when calculating direct materials to be purchased