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Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 785,000 candles for the January. Wax is required to produce a candle. Assume 14 ounces of wax is required for each candle. The estimated January 1 wax inventory is 17,200 pounds. The desired January 31 wax inventory is 14,500 pounds. If 16 ounces.) Round all computed candle wax costs $1.50 per pound, determine the direct materials purchases budget for January. (One pound answers to the nearest whole number. 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 Month Ending January 31 Pounds of wax required for production: Total units available Total pounds to be purchased Unit price Total direct materials to be purchased in January