Pasadena Candle Inc. budgeted production of 765,000 candles for the year. Wax is required to produce a candle. Assume 15 ounces of wax is required for each candle. The estimated January 1 wax inventory is 17,300 pounds. The desired December 31 wax inventory is 14,500 pounds. If candle wax costs $1.20 per pound, determine the direct materials purchases budget for the year. (One pound =16 ounces.) Round all computed answers to the nearest whole dollar. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Feedback Check My Work Remember to take into account materials required for production, desired ending materials inventory and estimated beginning materials inventory when calculating direct materials to be purchased