Valport Valve Company manufactured 8,400 units during March of a control valve used by milk processors in its Shreveport plant. Records indicated the following: Direct labor Direct material purchased Direct material used 43,200 hr, at $14.60 26,000 lb. at $2.90 25,100 lb. The control valve has the following standard prime costs Direct material: 3lb. at $2.80 per lb. Direct labor: 5hr. at $15.00 per hr. 8.40 75.00 Standard prime cost per unit $83.40 Required: 1. Prepare a schedule of standard production costs for March, based on actual production of 8,400 units. VALPORT VALVE COMPANY: SHREVEPORT PLANT Schedule of Standard Production Costs: Based on 8,400 Units For the Month of March Direct material Direct labor Total standard production costs $70,560 630,000 $ 700,560