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 Direct material purchased Direct material used 33,100 hour at $14.10 per hour 25,000 pounds at $2.40 per pound. 23,500 pounds The control valve has the following standard prime costs: Direct material 3 pounds, at $2.30 per pound $ 6.90 Direct labor 4 hour at $14.50 per hour 58.00 Standard prime cost per unit $ 64.90 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.