New Jersey Valve Company manufactured 7,800 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:

Direct labor	40,100	hr. at $14.60 per hr.
Direct material purchased	34,000	lb. at $2.30 per lb.
Direct material used	29,100	lb.

The control valve has the following standard prime costs:

Direct material	4	lb. at $2.20 per lb.	$	8.80
Direct labor	5	hr. at $15.00 per hr.		75.00
Standard prime cost per unit	$	83.80

Required: 1.Prepare a schedule of standard production costs for January, based on actual production of 7,800 units. 2.For the month of January, compute the following variances.

Prepare a schedule of standard production costs for January, based on actual production of7,800 units.

NEW JERSEY VALVE COMPANY: CAMDEN PLANT
Schedule of Standard Production Costs
Based on 7,800 Units
For the Month of January
	Standard Costs
Direct material
Direct labor
Total standard production costs	$0

Prepare a schedule of standard production costs for January, based on actual production of7,800 units.

NEW JERSEY VALVE COMPANY: CAMDEN PLANT
Schedule of Standard Production Costs
Based on 7,800 Units
For the Month of January
	Standard Costs
Direct material
Direct labor
Total standard production costs	$0