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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of standard production costs for January, based on actual production of 8,200 units. Direct material Direct labor Total standard production costs 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 b. Direct-material quantity variance C. Direct-material purchase price variance d. Direct-labor rate variance e. Direct-labor efficiency variance Required 1 Required 2 Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits. Record entry Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is required for a transaction/event, select \"No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the addition of direct-material cost to work-in-process inventory and the direct-material quantity variance. Note: Enter debits before credits. View general journal