New Jersey Valve Company manufactured $7,900$ units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:

Direct labor $48,200$ hr$.$ at $$14\mathrm{.}10$ per hr$.$

Direct material purchased $26,000$ lb$.$ at $$2\mathrm{.}60$ per lb$.$

Direct material used $23,400$ lb$.$

The control valve has the following standard prime costs:

Direct material $3$ lb$.$ at $$2\mathrm{.}50$ per lb$.$ $ $7\mathrm{.}50$

Direct labor $6$ hr$.$ at $$14\mathrm{.}60$ per hr$.87\mathrm{.}60$

Standard prime cost per unit $ $95\mathrm{.}10$

Required:

$1.$ Prepare a schedule of standard production costs for January, based on actual production of $7,900$ units.

$2.$ For the month of January, compute the following variances.