Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 740,000 candles for the January, Wax is required to produce a candle. Assume 15 ounces of wax is required for each candle. The estimated January 1 wax Inventory is 16,100 pounds. The desired January 31 wax inventory is 14,000 pounds. If candle wax costs $1.80 per pound, determine the direct materials purchases budget for January (One pound - 16 ounces. Round all computed answers to the nearest whole number. For those boxes in which you must enter subtracted or negative numbers use a minus sign Pasadena Candle Inc. Direct Materials Purchases Budget For the Month Ending January 31 Pounds of wax required for production: Total units available LIII Total pounds to be purchased Unit price Total direct materials to be purchased in January