New Jersey Valve Company manufactured 7,200 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: Direct labor Direct material purchased 29,000 lb. at $2.20 per lb. Direct material used 37,100 hr. at $14.60 per hr. 27,000 lb The control valve has the following standard prime costs Direct material 4lb. at $2.10 per lb. Direct labor $ 8.40 75.00 5 hr. at $15.00 per hr. Standard prime cost per unit $ 83.40 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,200 units 2. For the month of January, compute the following variances Complete this question by entering your answers in the tabs below. Required 1Required 2 For the month of January, compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) a. Direct-material price variance b. Direct-material quantity variance Direct-material purchase price variance d. Direct-labor rate variance e. Direct-labor efficiency variance Required 1 Required 2