Week 10 Review Problems G Saved 5 New Jersey Valve Company manufactured 9,000 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following Direct labor 36,900 hr. at $13.60 per hr. Direct material purchased 30,000 lb. at $2.70 per lb Direct material used points 25,900 lb The control valve has the following standard prime costs: eBook Direct material Direct labor lb. at $2.60 per 1b 4 hr. at $14.00 per hr 7.80 56-00 $63.80 References Standard prime cost per unit Required 1. Prepare a schedule of standard production costs for January, based on actual production of 9,000 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 9,000 units NEW JERSEY VALVE COMPANY: CAMDEN PLAN Schedule of Standard Production Costs Based on 9,000 Units For the Month of January Standard Costs Direct material Direct labor Total standard production costs Required1 Required 2> Mc Hill