Martinez, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Martinez estimated 9,590 tybos would be produced in March. Martinez has established the following material and labor standards to produce one tybo: Standard Quantity Standard Price Direct materials 2.5 pounds $3 per pound 0.6 hours $10 per hour Direct labor During March 2022, the following activity was recorded by the company relating to the production of tybos: 1. The company produced 9.230 units during the month. 2. A total of 24,260 pounds of materials were purchased at a cost of $66,715. 3. A total of 24,260 pounds of materials were used in production. 4. 5,230 hours of labor were incurred during the month at a total wage cost of $57.530.