Hamilton Co. has budgeted production of their patented super widget as follows: April: 4,900 widgets May: 4,600 widgets June: 5,400 widgets Assuming each widget requires 3 pounds of raw materials at a cost of $5/pound, calculate Hamilton Co's raw materials purchases budget (in dollars) for the month of May. Hamilton Co. has a policy to maintain an ending raw materials balance each month equal to 20% of the following month's production requirement.