During May Stelco produced 1,500 units of product C40P. The direct materials budget for one unit of this product allowed 2 lbs of alloy RX50 at a price of $8.00 per lb. A standard variance analysis of the RX50 material resulted in the following variances for the month: Price Variance: $-1404 (this is a favorable variance) Quantity Variance: $330 (this is an unfavorable variance) Determine the actual cost of RX50 for the month of May. Round your answer to the nearest $1.00.