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 Direct material purchased Direct material used 46, 400 hr. at $14.50 per hr. 31,000 lb. at $2.50 per lb. 30, 100 lb. The control valve has the following standard prime costs: Direct material 4 lb. at $2.40 per lb. Direct labor 6 hr. at $15.00 per hr. Standard prime cost per unit $ 9.60 90.00 $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. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 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 "O" for no effect (i.e., zero variance).) a b. Direct-material price variance Direct-material quantity variance Direct-material purchase price variance Direct-labor rate variance $ 2,380 X Unfavorable $ (720) Favorable $ 3,100 Unfavorable $ 23,200) Favorable C. d