Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 705,000 candles for the year. Wax is required to produce a candle. Assume 11 ounces of wax is required for each candle. The estimated January 1 wax inventory is 18,100 pounds. The desired December 31 wax inventory is 12,700 pounds. If candle wax costs 52.00 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 705,000 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 J10) 14