Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 740,000 candles for the January, Wax is required to produce a candle. Assume 10 ounces of wax is required for each candle. The estimated January I wax inventory is 17,700 pounds. The desired January 31 wax inventory is 13,600 pounds. If candle wax costs $1:40 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 Desired ending inventory, January 31 Total units available Estimated beginning inventory, January 1 Total pounds to be purchased 0000 Unit price Total direct materials to be purchased in January