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 46,800 hr. at $15.20 per hr. 29,000 lb. at $2.40 per 1b. 28,300 lb The control valve has the following standard prime costs Direct material4lb. at $2.30 per lb Direct labor $9.20 93.60 $102.80 6 hr. at $15.60 per hr Standard prime cost per unit 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