BE 21-2 Production budget Pasadena Candle Inc. projected sales of 800,000 candles for the year. The estimated January 1 inventory is 35,000 units, and the desired December 31 inventory is 20,000 units. What is the budgeted production (in units) for the year? BE 21-3 Direct materials purchases budget Pasadena Candle Inc. budgeted production of 785,000 candles for the year. Wax is required to produce a candle. Assume 10 ounces of wax is required for each candle. The estimated January 1 wax inventory is 16,000 pounds. The desired December 31 wax inventory is 12,500 pounds. If candle wax costs $1.24 per pound, determine the direct materials purchases budget for the year. BE 21-4 Direct labor cost budget Pasadena Candle Inc. budgeted production of 785,000 candles for the year. Each candle requires molding. Assume that six minutes are required to mold each candle. If molding labor costs $18 per hour, determine the direct labor cost budget for the year. BE 21-5 Cost of goods sold budget Prepare a cost of goods sold budget for Pasadena Candle Inc. using the information in BE 21-3 and BE 21-4. Assume the estimated inventories on January 1 for finished goods and work in process were $200,000 and $41,250, respectively. Also assume the desired inventories on December 31 for finished goods and work in process were $120,000 and $28,500, respectively. Factory overhead was budgeted at $300,000