Direct Materials Purchases Budget Seranno Inc. budgeted production of 63,000 personal journals in 2016. Paper is required to produce a journal. Assume 53 square yards of paper are required for each journal. The estimated January 1, 2076, paper inventory is 134,000 square yards. The desired December 31, 2016, paper inventory is 150,000 square yards. If paper costs $0.12 per square yard, determine the direct materials purchases budget for 20Y6. If required, round your final answer to the nearest dollar