Provide step by step detailed solution of following assignment so that I could understand the solution.

Walt ’ s Whistles manufactures referee whistles. At the end of February, Walt ’ s has 2,000 pounds of steel for whistles in inventory. Walt ’ s expects to produce and sell 50,000 whistles in March. Each whistle requires a standard quantity of 0.2 pounds of steel. Walt wants to have 5,000 pounds of steel in inventory at the end of March. Walt ’ s has no whistles in beginning finished goods inventory and does not plan to have any whistles in ending finished goods inventory. Each pound of steel has a standard cost of $7.00. Prepare Walt ’ s purchase budget for steel in March. How much does Walt ’ s expect to spend on steel in March? Anticipated steel expenditure: $