Valport Valve Company manufactured 7,800 units during March of a control valve used by milk processors in its Shreveport plant. Records indicated the following Direct labor Direct material 40,000 hr. at $14.10 29,000 lb. at $2.10 27,300 lb. purchased Direct material used The control valve has the following standard prime costs Direct material lb. at $2.00 per 4 8.00 lb Direct labor: 5hr. at $14.50 per 72.50 hr. Standard prime cost per unit $80.50 Required: 1. Prepare a schedule of standard production costs for March, based on actual production of 7,800 units. VALPORT VALVE COMPANY: SHREVEPORT PLANT Schedule of Standard Production Costs: Based on 7,800 Units For the Month of March Direct material Direct labor Total standard production costs 2. For the month of March, compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" 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