Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 710,000 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 18,700 pounds. The desired December 31 wax inventory is 13,200 pounds. If candle wax costs $1.70 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 Desired ending Inventory, December 31 Total units available Estimated beginning inventory, January 1 Total pounds to be purchased Unit price Total direct materials to be purchased