Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 715,000 candles for the year. Wax is required to produce a candle. Assume 13 ounces of wax is required for each candle. The estimated January 1 wax Inventory is 18,900 pounds. The desired December 31 wax Inventory is 13,400 pounds. If candle wax costs $1.40 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: Candles 625,625 X Desired ending inventory, December 31 13,400 Total units available 639,025 X Estimated beginning inventory, January 1 18.900 Total pounds to be purchased 620,125 X Unit price 1.40 Total direct materials to be purchased 868,175 X