(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: 5 pounds at $7 per pound s 35 Direct labori 3 hours at $16 per hour Variable overhead 3 hours at $4 per hour Total standard cost per unit 12 95 The planning budget for March was based on producing and selling 30,000 units. However, during M actually produced and sold 34,000 units and incurred the following costs: arch the company a. Purchased 175,000 pounds of raw materials at a cost of $6.80 per pound. All of this material was used in production. b. Direct laborers worked 71,000 hours at a rate of $17 per hour c. Total variable manufacturing overhead for the month was $340,090. Foundational 10-1 Required: 1. What raw materials cost would be included in the company's planning budget for March? Foundational 10-2 2. What raw materials cost would be included in the company's flexible budget for March? Foundational 10-5 5. If Preble had purchased 186,000 pounds of materials at $6.80 per pound and used 175,000 pounds in production, what would be the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) Materials price Foundational 10-6 6. If Preble had purchased 186,000 pounds of materials at $6.80 per pound and used 175,000 pounds in production, what would be the materials quantity variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) Foundational 10-7 7 What direct labor cost would be included in the company's planning budget for March