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Preston, Inc., manufactures wooden shelving units for collecting and sorting mail. The company expects to produce 290 units in July and 370 units in August. Each unit requires 9 feet of wood at a cost of $1.00 per foot. Preston wants to always have 310 feet of wood on hand in materials inventory. Compute Preston's raw materials purchases budget for July and August. Answer is complete but not entirely correct. July August Budgeted Raw Materials Purchases $2,920 310,720