Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 770,000 candles for the year. Wax is required to produce a candle. Assume 11 ounces of wax is required for each candle. The estimated January 1 wax inventory is 17,200 pounds. The desired December 31 wax inventory is 12,600 pounds. If candle wax costs $1.90 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: Total units available Total pounds to be purchased Unit price Total direct materials to be purchased