Cost of goods sold budget Pasadena Candle Inc. budgeted production of 785,000 candles for January. 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 January, Wax is required to produce a candle. Assume 487,125 pounds of material will be purchased during January. The candle wax costs $1.24 per pound. Prepare a cost of goods sold budget for Pasadena Candle Inc. using the information above. Assume the estimated Inventories on January 1 for finished goods and work in process were $200,000 and $41,250, respectively and direct materials wax Inventory of 16,000 pounds. Also assume the desired Inventories on January 31 for finished goods and work in process were $120,000 and $28,500, respectively and direct materials wax Inventory of 12,500 pounds. Factory overhead was budgeted at $300,000. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Cost of Goods Sold Budget For the Month Ending January 31 Direct materials: Cost of direct materials placed in production 00 Total work in process during period DIO