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Business, 04.04.2020 07:55 mvongphakdy8746

New Jersey Valve Company manufactured 8,200 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: Direct labor41,900hr. at $14.50 per hr. Direct material purchased33,000lb. at $3.00 per lb. Direct material used23,600lb. The control valve has the following standard prime costs: Direct material3lb. at $2.90 per lb.$8.70 Direct labor5hr. at $14.90 per hr. 74.50 Standard prime cost per unit$83.20 Required: Prepare a schedule of standard production costs for January, based on actual production of 8,200 units. For the month of January, compute the following variances.

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