roblem 10-33 New Jersey Valve Company manufactured 7,800 units during January of a control valve used by m -Material and Direct- processors in its Camden plant. Records indicated the following: Variances 0-1, 10-3) Direct labor . 40, 100 mr. at $14.60 per hr. ect-material quantity Direct material purchased 25,000 B. at 52 60 per It. ice: $750 F Direct material used 23, 100 mb control valve has the following standard prime costs: ct material 3 1b. at $2.50 per lb. $ 7.50 ct labor 5 h. at $15.00 per hr. 75.00 dard prime cost per unit $82.50 fired: Prepare a schedule of standard production costs for January, based on actual production of 7.800 units. For the month of January, compute the following variances, indicating whether each is favorable or infavorable. Direct-material price variance. Direct-material quantity variance. Direct-material purchase price variance. Direct-labor rate variance. Direct-labor efficiency variance. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following information changes: the standard direct-labor rate is $16 per hour, and the standard direct-material price is $2.60 per pound