P4t-Ub7 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 $2.60 per pound. 2. Each unit produced requires 3.5 pounds of direct materials. 3. P4t-Ub7 Corporation wants its monthly ending inventories of direct materials to equal 50% of the next month's production needs. 4. 27,800 units are budgeted to be produced in February and 32,300 units are budgeted to be produced in March. Calculate the budgeted cost of direct materials to be purchased in February.