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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


 

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 hour at $14.60 per hour Direct material purchased Direct material used 34,000 pounds at $2.30 per pound 29,100 pounds The control valve has the following standard prime costs: Direct material 4 pounds at $2.20 per pound $ 8.80 Direct labor 5 hour at $15.00 per hour 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.

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1 Schedule of Standard Production Costs for January Direct Material Standard quantity per unit 4 pounds Standard price per pound 220 Total standard ma... blur-text-image

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