Direct labor Direct material purchased Direct material used 48,900 hr. at $15.20 per hr. 25,000 1b. at $3.30 per 1b. 23,400 1b. The control valve has the following standard prime costs: Direct material3 lb. at $3.20 per lb. Direct labor $9.60 93.00 $102.60 ok 6 hr. at $15.50 per hr Standard prime cost per unit nt nces Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 8,000 units 2. For the month of January, compute the following variances. Complete this question by entering your answers in the tabs below