New Jersey Valve Company manufactured 8,000 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following:

Direct labor	41,000	hr. at $14.00 per hr.
Direct material purchased	27,000	lb. at $2.80 per lb.
Direct material used	23,800	lb.

The control valve has the following standard prime costs:

Direct material	3	lb. at $2.70 per lb.	$	8.10
Direct labor	5	hr. at $14.40 per hr.		72.00
Standard prime cost per unit			$	80.10

Required:

1. Prepare a schedule of standard production costs for January, based on actual production of 8,000 units.
2. For the month of January, compute the following variances.