(Don't need to solve for #1)The variances for #2 are:a. Direct-material price varianceb. Direct-material quantity variancec. Direct-material purchase price varianced. Direct-labor rate variancee. Direct-labor efficiency variance

Problem 10 - 34 New Jersey Valve Company manufactured 8,200 units during January of a control valve used by milk processors in its Camde Records indicated the following: 5 points Direct labor 41, 900 hr . at $14.50 per hr. Direct material purchased 33, 000 1b. at $3.00 per 1b. Direct material used 23, 600 1b. eBook Prim The control valve has the following standard prime costs: Direct material 3 1b. at $2.90 per 1b. $ 8.70 Direct labor 5 hr . at $14.90 per hr . 74.50 Standard prime cost per unit $83. 20 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 8,200 units. 2. For the month of January, compute the following variances