Direct Materials Purchases Budget Pasadena Candle Inc. budgeted production of 775,000 candles for the January. Wax is required to produce a candle. Assume 11 ounces of wax is required for each candle. The estimated January 1 wax inventory is 17,900 pounds. The desired January 31 wax inventory is 14,300 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 Total pounds to be purchased Unit price $ Total direct materials to be purchased in January $

952,583

Explanation:

Note: The desired December 31 wax inventory is 14,300 pounds. If candle wax costs $1.80 per pound, determine the direct materials purchases budget for January is the correct words

                         Pasadena Candle Inc.  

             Direct Materials Purchases Budget  

                For the Year Ending December 31  

Pounds of wax required for production:  

Candles (775,000*11/16)                       532,813

Add: Desired ending inventory,          14,300  

December 31

Total units available                              547113

Less :Estimated beginning inventory,  17,900

January 1

Total pounds to be purchased             529,213

Total direct materials to be purchased = Total pounds to be purchased * Unit price

Total direct materials to be purchased = 529,213 * $1.80

Total direct materials to be purchased = 952,583

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