Pasadena Candle inc, budgeted production of 785,000 candles for January. Wax is required to produce a candle. Assume 10 ounces of wax is required for each candle. The estimated January 1 wax inventory is 16,000 pounds. The desired-Janyary 31 . Wax imventory is 12 , 500 pounds. If cande wax costs 51.24 per pound, determine the direct materials purchases budget for January. (One pound = 16 ounces.) For these boxes in which you must enter subtracted or neoative numbers use a minus sion