L4u-6Vt Company produces a single product that requires three pounds of direct materials to make one unit. Budgeted production of this product for the next three months is given below: June July August Budgeted Units to be produced 15,800 units 12,900 units 26,200 units The company wants to maintain monthly ending inventories of direct materials that are equal to 60% of the following month's production needs. The cost of direct materials is $1.75 per pound. Calculate the total cost of direct materials budgeted to be purchased in July