New Jersey Valve Company manufactured 7,900 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:

Direct labor	40,600	hr. at $14.20 per hr.
Direct material purchased	24,000	lb. at $2.10 per lb.
Direct material used	26,800	lb.

The control valve has the following standard prime costs:

Direct material	4	lb. at $2.00 per lb.	$	8.00
Direct labor	5	hr. at $14.80 per hr.		74.00
Standard prime cost per unit			$	82.00

Required:

Prepare a schedule of standard production costs for January, based on actual production of 7,900 units.

For the month of January, compute the following variances.

NEW JERSEY VALVE COMPANY: CAMDEN PLANT
Schedule of Standard Production Costs
Based on 7,900 Units
For the Month of January
	Standard Costs
Direct material
Direct labor
Total standard production costs

a.	Direct-material price variance
b.	Direct-material quantity variance
c.	Direct-material purchase price variance
d.	Direct-labor rate variance
e.	Direct-labor efficiency variance