The budget components for Cheyenne Company for the quarter ended June 30 appear below. Cheyenne sells recycling bins for $12 each. Budgeted production for the next three months is: April 26,000 units May 50,000 units June 31,000 units Cheyenne desires to have recycling bins on hand at the end of each month equal to 20 percent of the following month's budgeted sales in units. On March 31, Cheyenne had 3,900 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month, Cheyenne desires to have 10 percent of the following month's direct material needed for production on hand. At March 31, Cheyenne had 13,000 pounds of plastic on hand. The direct materials used in production cost $0.70 per pound. Each recycling bin produced requires 0.10 hours of direct labor. Compute the budgeted dollar value of the ending direct materials inventory at the end of May. Cost of ending inventory $