The budget components for Grouper Company for the quarter ended June 30 appear below. Grouper sells recycling bins for $10 each. Budgeted production for the next three months is: April 25,000 units May 48,000 units June 29.500 units Grouper 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, Grouper had 4,000 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month Grouper desires to have 10 percent of the following month's direct material needed for production on hand. At March 31 . Grouper had 12,500 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