N9c-rQ1 Corporation wants to create a short, two month budget for direct material purchases. The following information will be needed to do this: 1. The cost of direct materials is $4.40 per pound. 2. Each unit produced requires 4.5 pounds of direct materials. 3. N9c-rQ1 Corporation wants its monthly ending inventories of direct materials to equal 110% of the next month's production needs. 4. 50,600 units are budgeted to be produced in August and 21,200 units are budgeted to be produced in September. Calculate the budgeted cost of direct materials to be purchased in August.