Seranno Publishers Inc. Budgeted production of 49,000 diaries in 2016. Paper is required to produce a diary. Assume 64 Square yards of paper are required for each diary. The estimated January 1, 2016, paper inventory is 157,000 square yards. The desired December 31, 2016 paper inventory is 110,000 sqaure yards. If paper costs $0.08 per sqaure yard, determine the direct materials purchases budget for 2016. If required, round your final answer to the nearest dollar.