Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 700,000 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 18,000 pounds. The desired January 31 wax inventory is 13,500 pounds. If candle wax costs $1.80 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: Total units available 0000000 Total pounds to be purchased Unit price Total direct materials to be purchased in January