Direct Materials Purchases Budget Killingsworth Inc. budgeted production of 49,000 personal journals in 2016. Paper is required to produce a journal. Assume 95 square yards of paper are required for each journal. The estimated January 1, 2016, paper inventory is 326,000 square yards. The desired December 31, 2016, paper inventory is 209,000 square yards. If paper costs $0.16 per square yard, determine the direct materials purchases budget for 2016. If required, round your final answer to the nearest dollar