Required information. [The following information applies to the questions displayed below.] 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: 4 pounds at $10 per pound Direct labor: 2 hours at $13 per hour Variable overhead: 2 hours at $9 per hour Total standard cost per unit $40 26 18 $ 84. 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 per hour. c. Total variable manufacturing overhead for the month was $564,040. Required: 1. What raw materials cost would be included in the company's planning budget for March? Raw material cost