\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ NEW JERSEY VALVE COMPANY: CAMDEN PLANT } \\ Schedule of Standard Production Costs \\ Based on 7,800 Units \\ For the Month of January \\ \hline \multicolumn{2}{|c|}{ Standard Costs } \\ \hline Direct material & \\ \hline Direct labor & \\ \hline Total standard production costs & $ \\ \hline \end{tabular} New Jersey Valve Company manufactured 7,800 units during January of a control valve used by milk processors in its Camden plant: Records indicated the following: The control valve has the following standard prime costs: Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,800 units 2 . For the month of January, compute the following variances. \begin{tabular}{|l|l|l|} \hline a. Direct-material price variance \\ \hline b. Direct-material quantity variance \\ \hline c. Direct-material purchase price variance \\ \hline d. Direct-labor rate variance & \\ \hline e. Direct-labor efficiency variance & \\ \hline \end{tabular}