Direct materials purchases budget Quetzaltenango Candle Inc. budgeted production of 760,000 candles for March. Wax is required to produce a candle. Assume 13 ounces of wax is required for each candle. The estimated March 1 wax inventory is 18,400 pounds. The desired March 31 wax inventory is 12,900 pounds. If candle wax costs $1.50 per pound, determine the direct materials purchases budget for March. (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