7 Preble Company manufactures one product Its variable manufacturing overhead is applied to production based on direct labour hours and its standard cost card per unit is as follows Direct material: 8 pounds at $10 per pound Direct labour: 5 hours at $13 per hour Variable overhead: 5 hours at $8 per hour Total standard variable cost per unit $ 80 65 40 $185 25 points * 01:51:40 Fixed overhead was budgeted at $603,000 Fixed overhead is applied on the basis of direct labour-hours. The company also established the following cost formulas for its selling expenses Variable Cost per Unit Sold Fixed Cost per Month $ 290,000 $ 190,000 Advertising Sales salaries and commissions Shipping expenses $ 11.00 $ 6.00 The static (i e planning) budget for March was based on producing and selling 15,000 units. However, during March the company actually produced and sold 17,000 units and incurred the following costs: a. Purchased 170.000 pounds of raw materials at a cost of $8 per pound. All of this material was used in production, b. Direct-labourers worked 64,000 hours at a rate of $14 per hour c. Total variable manufacturing overhead for the month was $514,000. And fixed manufacturing overhead was $598,000 d Total advertising, sales salaries and commissions, and shipping expenses were $294.000, $370,000, and $124.000, respectively Required: What raw materials cost would be included in the company's flexible budget for March? Raw material cost