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: The control valve has the following standard prime costs: 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. Complete this question by entering your answers in the tabs below. Prepare a schedule of standard production costs for January, based on actual production of 7,800 units. 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 (i.e., zero variance).)