Valport Valve Company manufactured 8,500 units during March of a control valve used by milk processors in its Shreveport plant. Records indicated the following:

Direct labor		43,200	hr. at $15.50
Direct material purchased		30,000	lb. at $3.80
Direct material used		25,100	lb.

The control valve has the following standard prime costs.

Direct material:	3	lb. at $3.70 per lb.	$	11.10
Direct labor:	5	hr. at $15.80 per hr.		79.00
Standard prime cost per unit			$	90.10

Required:

1.	Prepare a schedule of standard production costs for March, based on actual production of 8,500 units.
	Direct Material ? Direct Labor ? Total ? For the month of March, 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).) Direct Material Price Variance ? Direct Material Quantity Variance ? Direct Material Purchase Price Variance ? Direct Labor efficiency Variance ?