Direct Materials Purchases Budget

Pasadena Candle Inc. budgeted production of 750,000 candles for the January. Wax is required to produce a candle. Assume 15 ounces of wax is required for each candle. The estimated January 1 wax inventory is 18,700 pounds. The desired January 31 wax inventory is 14,000 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.

Pounds of wax required for production: CandlesEstimated beginning inventory, January 1Estimated ending inventory, January 31Unit price- Select -Estimated beginning inventory, January 31Desired ending inventory, January 1Desired ending inventory, January 31Unit price- Select -Total units availablefill in the blank 5CandlesEstimated beginning inventory, January 1Estimated beginning inventory, January 31Unit price- Select -Total pounds to be purchasedfill in the blank 8Unit price$fill in the blank 9Total direct materials to be purchased in January$fill in the blank 10