Direct Materials Purchases Budget Seranno inc, budgeted production of 57,000 personal journals in 2076. Paper is required to produce a journal. Assuma 113 square yards of paper are required for each Journal The estimated January 1, 2016, paper inventory is 258,000 square yards. The desired December 31, 2076, paper inventory is 290,000 square yards. tl paper costs $0.08 per square yard, determine the direct materials purchases budget for 2016. If required, round your final answer to the nearest dollar