Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 725,000 candles for the January. Wax is required to produce a candle. Assume 13 ounces of wax is required for each candle. The estimated January 1 wax inventory is 18,900 pounds. The desired January 31 wax inventory is 13,100 pounds. If candle wax costs $1.40 per pound, determine the direct materials purchases budget for January. (One pound 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. = 16 Pasadena Candle Inc. Direct Materials Purchases Budget For the Month Ending January 31 Pounds of wax required for production: Candles 589,062.50 Desired ending inventory, January 31 13,100 Total units available 602,162.50 Estimated beginning inventory, January 1 18,900 Total pounds to be purchased 583,262.50 Unit price 1.40 Total direct materials to be purchased in January 816,567.50