Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 755,000 candies for the January. Wax is required to produce a candle. Assume 13 ounces of wax is required for each candle. The estimated January 1 wax inventory is 16,200 pounds. The desired January 31 wax inventory is 13,300 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. Pasadena Candle Inc. Direct Materials Purchases Budget For the Month Ending January 31 Pounds of wax required for production: Candles 51,963 Desired ending inventory, January 31 13,300 Total units available Estimated beginning inventory, January 1 -16,200 Total pounds to be purchased Unit price 1.70 Total direct materials to be purchased in January