Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 755,000 candles for the January. Wax is required to produce a candle. Assume 12 ounces of wax is required for each candle. The estimated January 1 wax inventory is 18,500 pounds. The desired January 31 wax inventory is 12,500 pounds. If candle wax costs $1.60 per pound, determine the direct materials purchases budget for January. (One pound = 16 ounces.) Round all computed answers to the nearest whole number. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Pasadena Candle Inc. Direct Materials Purchases Budget For the Month Ending January 31 Pounds of wax required for production: Total units available Total pounds to be purchased Unit price Total direct materials to be purchased in January $