Cost of goods sold budget Quetzaltenango Candle Inc. budgeted production of 685,000 candles for March. Each candle requires molding. Assume that 6 minutes are required to mold each candle. If molding labor costs $15 per hour, determine the direct labor cost budget for March. Wax is required to produce a candle. Assume 342,000 pounds of material will be purchased during March. The candle wax costs $1.20 per pound. Prepare a cost of goods sold budget for Quetzaltenango Candle Inc. using the information above. Assume the estimated inventories on March 1 for finished goods and work in process were $300,000 and $41,250, respectively and direct materials wax inventory of 15,000 pounds. Also assume the desired inventories on March 31 for finished goods and work in process were $200,000 and $28,500, respectively and direct materials wax inventory of 14,500 pounds. Factory overhead was budgeted at $400,000. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Quetzaltenango Candle Inc. Cost of Goods Sold Budget For the Month Ending March 31 Line Item Description Amount Amount Amount $Finished goods inventory, March 1 $Work in process inventory, March 1 Direct materials: $Direct materials inventory, March 1 Direct materials purchases $Cost of direct materials available for use Direct materials inventory, March 31 Cost of direct materials placed in production $Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during period $Total work in process during period Work in process inventory, March 31 Cost of goods manufactured $Cost of finished goods available for sale Finished goods inventory, March 31