Direct materials purchases budget Quetzaltenango Candle Inc. budgeted production of 685,000 candles for March. Wax is required to produce a candle. Assume 8 ounces of wax is required for each candle. The estimated March 1 wax inventory is 15,000 pounds. The desired March 31 wax inventory is 14,500 pounds. If candle wax costs $1.20 per pound, determine the direct materials purchases budget for March. (One pound = 16 ounces.) For those boxes in which you must enter subtracted or negative numbers use a minus sign. Quetzaltenango Candle Inc. Direct Materials Purchases Budget For the Month Ending March 31 Line Item Description Amount Pounds of wax required for production: Candles X Desired ending inventory, March 31 V 14,500 Total units available Estimated beginning inventory, March 1 -15,000 Total pounds to be purchased Unit price (per lb.) X 1.20 Total direct materials to be purchased in March