Cost of goods sold budgetQuetzaltenango 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\mathrm{.}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.