Direct Materials Purchases Budget Pasadena Candle inc, budgeted production of 785,000 candles for the year. Wax is required to produce a candle. Assume 13 punces of wax is required for each candle. The estimated January 1 wax inventory is 18,800 pounds. The desired December 31 wax inventory is 14,100 pounds. If candle wax costs \$2.00 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