Direct Materials Purchases Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 2014. Wax is required to produce a candle. Assume that 8 ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 2014, wax inventory is 3,100 pounds. The desired December 31, 2014, wax inventory is 5,200 pounds, If candle wax costs $3.80 per pound, determine the direct materials purchases budget for 2014