Foundational ILO10-1, LO10-2, LO10-31 The following information applies to the questions displayed belowj Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 6 pounds at $8 per pound 48 Direct labor: 4 hours at $17 per hour 68 Variable overhead: 4 hours at $4 per hour 16 132 Total standard cost per unit The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $720 per pound. All of this material was used in production b. Direct laborers worked 72,000 hours at a rate of $18 per hour c. Total variable manufacturing overhead for the month was $336,960