Pasadena Candle Inc. budgeted production of 785,000 candles for the year. Each candle requirss 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 the year. Wax is required to produce a candle. Assume 487,125 pounds of material will be purchased during the year. If candle wax costs $1.24 per pound, determine the direct materials purchases for the year. 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 December 31 for finished goods and work in process were $120,000 and $28,500, respectivoly and direct materials wax inventory of 12,500 pounds. Factory overhead was budgeted at eq00,00n for those boxes in which you must enter subtracted or negative numbers use a minus sign. Factory overhead Totalmanufacturing costs Total work in process during period Work in process inventory, December 31 Cost of goods manufactured Cost of finished coods avallable for sale Finished goods inventory. December 31 Cosk of goods sold