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Cost of goods sold budget

Pasadena Candle Inc. budgeted production of $785,000$ candles for January. Each candle requires molding. Assume that six minutes are required to mold each candle. If molding labor costs $$18$ per hour, determine the direct labor cost budget for January. Wax is required to produce a candle. Assume $487,125$ pounds of material will be purchased during January. The candle wax costs $$1\mathrm{.}24$ per pound.

Prepare a cost of goods sold budget for Pasadena Candle Inc. using the information above. Assume the estimated inventories on January $1$ for finished goods and work in process were $$200,000$ and $$41,250,$ respectively and direct materials wax inventory of $16,000$ pounds. Also assume the desired inventories on January $31$ for finished goods and work in process were $$120,000$ and $$28,500,$ respectively and direct materials wax inventory of $12,500$ pounds. Factory overhead was budgeted at $$300,000.$ For those boxes in which you must enter subtracted or negative numbers use a minus sign.