Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 710,000 candles for the January. Wax is required to produce a candle. Assume 11 ounces of wax is required for each candle. The estimated January 1 wax inventory is 18,200 pounds. The desired January 31 wax inventory is 12,600 pounds. If candle wax costs $1.70 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