3. Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 775,000 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 17,600 pounds. The desired January 31 wax inventory is 12,500 pounds. If candle wax costs $1.40 per pound, determine the direct materials purchases budget for January. (One pound = 16 ounces.) Round all computed 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 Budget Jan. 31 Materials required for production Desired ending materials inventory Total materials available Estimated beginning materials inventory Direct material quantity to be purchased Unit price Total direct materials purchases