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.

1 Required Required 2 Prepare a schedule of standard production costs for January, based on actual production of 7,600 units. NEW JERSEY VALVE COMPANY: CAMDEN PLANT Schedule of Standard Production Costs Based on 7,600 Units For the Month of January Standard Costs Direct material Direct labor Total standard production costs S Required Required 2 > 0 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 (.e., zero variance).) Show less A a Direct-material price variance Direct-material quantity variance Direct-material purchase price C. variance d Direct-labor rate variance e Direct-labor efficiency variance