Milo Company manufactures beach umbrellas. The budgeted production is as follows: Month Production in Units July 36,000 August 67,000 September 45,500 October 18,500 Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning the quarter is 72000 feet on 30 June. Gilden costs $0.80 per foot. What is the total budgeted cost of raw material (Gilden)to be purchased for the month of September? Month Production in Units July 36,000 August 67,000 September 45,500 October 18,500 Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. $164,800 Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning the quarter is 30th June $180,000 $102,400 Gilden costs $0.80 per foot. $188,800 What is the total budgeted cost of raw material (Gilden)to be purchased for the month of September