Pasadena Candle Inc. budgeted production of 770,000 candles for the year. Wax is required to produce a candle. Assume 12 ounces of wax is required for each candle. The estimated January 1 wax inventory is 16,300 pounds. The desired December 31 wax inventory is 12,500 pounds. If candle wax costs $1.70 per pound, determine the direct materials purchases budget for the year. (One pound = 16 ounces.) Round all computed answers to the nearest whole dollar. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Pasadena Candle Inc. Direct Materials Purchases Budget For the Year Ending December 31

Pounds of wax required for production:

Candles
Desired ending inventory, December 31
Total units available
Estimated beginning inventory, January 1
Total pounds to be purchased
Unit price	$
Total direct materials to be purchased