udgeting PE 22-3B 6 Direct materials purchases budget OBJ.4 Wax is required to The desired Magnolia Candle Inc. budgeted production of 74,200 candles in 20Y4. Wax isr produce a candle. Assume that eight ounces (one-half of a pound) of wax desired each candle. The estimated January 1, 20Y4, wax inventory is 2,500 pounds. December 31, 20Y4, wax inventory is 2,100 pounds. If candle wax costs $4.10 per p determine the direct materials purchases budget for 20Y4. OBJ. 4