Jackson Company makes and sells a single product. It takes five pounds of direct materials to produce one unit of this product. Budgeted units to be produced for the next four months is as follows:  budgeted units to be produced June 48,100 July 29,300 August 76,200 September 50,400 The company wants to maintain monthly ending inventories of direct materials equal to 160% of the next month's production needs. The cost of direct materials is $1.50 per pound. The company is in the process of preparing a direct materials purchases budget. Calculate the cost of direct materials budgeted to be purchased in June.