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Magnolia, Inc., manufactures bedding sets. The budgeted production is for 12,400 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 5,340 yards with the desired ending balance of 3,300 yards of material. If the material costs $6.10 per yard, determine the materials budget for the year. $fill in the blank 1