Question: Magnolia Candle Co budgeted production of 74 200 candles in 2014
Magnolia Candle Co. budgeted production of 74,200 candles in 2014. Wax is required to produce a candle. Assume eight ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 2014, wax inventory is 2,500 pounds. The desired December 31, 2014, wax inventory is 2,100 pounds. If candle wax costs $ 4.10 per pound, determine the direct materials purchases budget for 2014.
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