Pasadena Candle Inc, budgeted production of 785,000 candies for January. Each candie 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 51.24 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. Direct materials: Cost of direct materials placed in production $ Total work in process during period