Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 705,000 candles for the January. Wax is required to produce a candle. Assume 15 ounces of wax is required for each candle. The estimated January 1 wax inventory is 17,600 pounds. The desired January 31 wax inventory is 13,900 pounds. If candle wax costs $1.30 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