Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 770,000 candies for the year wax is required to produce a candie. Assume 10 ounces of wax is required for each candle. The estimated January 1 wax inventory is 18,400 pounds. The desired December 31 wax inventory is 14,500 pounds. If candle wax costs $2.00 per pound, determine the direct materials purchases budget for the year. (One pound - 16 ounces.) Round all computed answers to the nearest whole dollar. 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 Year Ending December 31 Pounds of wax required for production: Candles Desired ending Inventory, December 31 Total units available Estimated beginning inventory, January 1 Total pounds to be purchased Unit price Total direct materials to be purchased