Problem 10-33 Direct-Material and Direct-Labor Varlances (LO 10-1, 10-3) New Jersey Valve Company manufactured 7,800 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 40,100 hr. at $14.60 per hr. 25,000 lb. at $2.60 per 1b. 23,100 lb. The control valve has the following standard prime costs: Direct material 3 lb. at $2.50 per 1b. $ 7.50 Direct labor 5 hr. at $15.00 per hr. Standard prime cost per unit 75.00 $82.50 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,800 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 7,800 units. NEW JERSEY VALVE COMPANY: CAMDEN PLANT Schedule of Standard Production Costs Based on 7,800 Units For the Month of January Direct material Direct labor Standard Costs Total standard production costs $ < Required 1 Required 2 > Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,800 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 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 >