Jackson Company makes and sells a single product. It takes three pounds of direct materials to produce one unit of this product. Budgeted units to be produced for the next five months is given below: budgeted units to be produced May 41,000 June 16,000 July 64,000 August 52,000 September 57,000 The company wants to maintain monthly ending inventories of direct materials equal to 120% of the next month's production needs. The cost of direct materials is $2.50 per pound. The company is in the process of preparing a direct materials purchases budget. Assume Jackson Company pays for 25% of a month's purchases of direct materials in the month of purchase and the other 75% is paid in the following month. Calculate the total cash budgeted to be paid in July for direct material purchases