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 materiali 4 pounds at $10.00 per pound Direct labor: 2 hours at $13 per hour Variable overheads 2 hours at $9 per hour Total standard variable cost per unit $ 40.00 26.00 18.00 $84.00 The company also established the following cost formulas for its selling expenses: Advertising Sales salaries and commissions Shipping expenses Variable Cost per Unit Sold Fixed Cost per Month $ 240,000 $ 180,000 $ 16.00 $7.00 The planning budget for March was based on producing and selling 29,000 units. However, during March the company actually produced and sold 34,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $8.50 per pound. All of this material was used in production. b. Direct-laborers worked 59,000 hours at a rate of $14.00 per hour. c. Total variable manufacturing overhead for the month was $564,040. d. Total advertising, sales salaries and commissions, and shipping expenses were $245,000, $475,000, and $155,000, respectively. Foundational 9-1 (Algo) Required: 1. What raw materials cost would be included in the company's flexible budget for March? Raw material cost