Cost of Goods Sold Budget Magnolia Candle Inc. budgeted production of 74,200 candles in 2014. Wax is required to produce a candle. Assume that eight ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 2014, wax inventory is 2,500 pounds. The desired December 31, 20Y4, wax inventory is 2,100 pounds. Candle wax costs $4.10 per pound. Each candle requires molding. Assume that 12 minutes are required to mold each candle. Molding labor costs $14.00 per hour. process were $9,800 and $3,600, respectively. Also assume that the desired inventories on December 31, 2014, for finished goods and work in Prepare a cost of goods sold budget for Magnolia Candle Inc., using the information above. Assume that the estimated inventories on January 1, 20Y4, for finished goods and work i process were $12,900 and $3,500, respectively. Factory overhead was budgeted at $109,600. Round your interim calculations to nearest cent, if required. MAGNOLIA CANDLE INC. Cost of Goods Sold Budget For the Year Ending December 31, 2014 Direct materials: Cost of direct materials placed in productions Total work in process during the period