Mackinac Inc. produces denim backpacks. The production budget for the next four months is: July 5,300 units, August 7,600 units, September 8,000 units, October 8,900 units. Each backpack requires 0.5 square meters of denim. Mackinac Inc.'s denim inventory policy is 30% of next month's production needs. On July 1 leather inventory was expected to be 795 square meters. Denim is expected to cost $9.00 per square meter in June, but go up to $10.00 per square meter in July What is the expected cost of denim purchases in July? Multiple Choice $30,850 $28,450 O $29,950 O $30,950