Jackson Company makes and sells a single product. It takes four pounds of direct materials to produce one unit of this product. Budgeted units to be produced for the next four months is as follows: The company wants to maintain monthly ending inventories of direct materials equal to 66% 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 August