New Jersey Valve Company manufactured 8.000 units during January of a control valve used by milk processors in its Camden plan Records indicated the following: Requlred: 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. 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 8,000 units. 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: Requlred: 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. Complete this question by entering your answers in the tabs below. For the month of January, compute the following variances. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter " 0 " for no effect (i.e., zero variance)