Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 765,000 candles for the year. Wax is required to produce a candle. Assume 10 ounces of wax is required for each candie. The estimated January 1 wax inventory is 17,500 pounds. The desired December 31 wax inventory is 12,800 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: Total units available Estimated beginning Inventory, January 17 Total pounds to be purchased Unit price Total direct materials to be purchased