Direct Materials Purchases Budget Kidman Publishers inc, budgeted production of 25,000 diaries in 2016. Paper is required to produce a diary. Assume 104 square yards of paper are required for each diary. The estimated January 1,2016 , paper inventory is 104,000 square yards. The desired December 31 , 2016, paper inventory is 91,000 square yards. If paper costs 50.17 per square yard, determine the direct materials purchases budget for 2016 . If required, round your final answer to the nearest dollar