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 total budgeted cost of raw material (Gilden) to be purchased for the month of August