New Jersey Valve Company manufactured 8,200 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: Direct labor 41,900 hr. at $14.50 per hr. Direct material purchased 33,000 lb. at $3.00 per lb. Direct material used 23,600 lb. The control valve has the following standard prime costs: Direct material 3 lb. at $2.90 per lb. $ 8.70 Direct labor 5 hr. at $14.90 per hr. 74.50 Standard prime cost per unit $83.20 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 8,200 units. 2. For the month of January, compute the following variances. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For the month of January, compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) a. Direct-material price variance $ 3,300 X Unfavorable b. Direct-material quantity variance 540 X Favorable C. Direct-material purchase price variance 2,460 X Unfavorable d. Direct-labor rate variance $ 16,760 Favorable e. Direct-labor efficiency variance $ 13,410 Unfavorable