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 Direct material purchased Direct material used 33,500 hr. at $14.90 per hr. 27,000 lb. at $3.50 per lb. 24,300 1b. The control valve has the following standard prime costs: Direct material Direct labor $10.20 4 hr. at $15.20 per hr.60.80 $71.00 31b. at $3.40 per 1b. Standard prime cost per unit 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