New Jersey Valve Company manufactured 7,600 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:

Direct labor	46,400	hr. at $14.50 per hr.
Direct material purchased	31,000	lb. at $2.50 per lb.
Direct material used	30,100	lb.

The control valve has the following standard prime costs:

Direct material	4	lb. at $2.40 per lb.	$	9.60
Direct labor	6	hr. at $15.00 per hr.		90.00
Standard prime cost per unit			$	99.60

Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,600 units. 2. For the month of January, compute the following variances.