Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 730,000 candles for the year. Wax is required to produce a candle. Assume 10 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 12,700 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: Total units available Total pounds to be purchased Unit price Total direct materials to be purchased