Assume that a company makes only one product and uses a standard costing system. The standard cost card for that product shows a standard quantity of 4 pounds of direct materials allowed per unit at a standard price of $6,00 per pound. In a recent period, the company purchased 19,000 pounds of direct material from its supplier at a cost of $5,80 per pound. It started and completed 5,000 units of production during the period. Based on this Information, the total increases recorded in the Raw Materials account would be: Multiple Choice $120,000 $114,000 $116,000