Problem 10-33 Direct-Material and Direct-Labor Variances (LO 10-1, 10-3) New Jersey Valve Company manufactured 7,600 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 46,400 hr. at $14.50 per hr 31,000 lb. at $2.50 per lb. 0,100 1b. The control valve has the following standard prime costs: Direct material Direct labor 4 lb. at $2.40 per . 6 hr. at $15.00 per hr. $9.60 90.00 standard prime cost per unit $99.60 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,600 units. 2. For the month of January, compute the following variances. Problem 10-33 Direct-Material and Direct-Labor Variances (LO 10-1, 10-3) New Jersey Valve Company manufactured 7,600 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 46,400 hr. at $14.50 per hr 31,000 lb. at $2.50 per lb. 0,100 1b. The control valve has the following standard prime costs: Direct material Direct labor 4 lb. at $2.40 per . 6 hr. at $15.00 per hr. $9.60 90.00 standard prime cost per unit $99.60 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,600 units. 2. For the month of January, compute the following variances