Dodd Company makes and sells a single product. Each finished unit requires four pounds of direct materials. The budgeted units to be produced for the third quarter of the current year are given below: Budgeted Units to be Produced July 26,000 units August 21,000 units September 33,000 units The company wants to maintain monthly ending inventories of direct materials equal to 35% of the next month's production needs. The cost of the direct materials is $1.75 per pound. Calculate the total cost of direct materials budgeted to be purchased in July.