Problem $2-$ Direct materials purchases budget

Pasadena Candle Inc. budgeted production of $700,000$ candles for the year. Wax is required to produce a candle. Assume $12$ ounces of wax is required for each candle. The estimated January $1$ wax inventory is $18,500$ pounds. The desired December $31$ wax inventory is $13,200$ pounds. If candle wax costs $$1\mathrm{.}50$ per pound, determine the direct materials purchases budget for the year. $($One pound $=16$ ounces.$)$ Prepare a direct materials budget: Round all computed answers to the nearest whole dollar