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eBook Print Item 7.00 Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher volume products (a valve) is as follows: Direct materials (7 lbs. $5.40) $37.80 Direct labor (1,75 hrs. $18) 31.50 Variable overhead (1:75 hrs. $4.00) Fixed overhead (1.75 hrs. O $3.00) 5.25 Standard cost per unit $81.55 During the year, Petrillo had the following activity related to valve productions a. Production of valves totaled 20,600 units