Domestic New Jersey Valve Company manufactured 8,000 units during January of a control valve used by milk processors in its Camden plant.Records indicated the following:Direct laborDirect material purchasedDirect material used48,900 hour at $15.20 per hour25,000 pounds at $3.30 per pound23,400 poundsThe control valve has the following standard prime costs:Direct material3 pounds at $3.20 per poundDirect labor6 hour at $15.50 per hour$ 9.6093.00Standard prime cost per unit$ 102.60Required:1. Prepare a schedule of standard production costs for January, based on actual production of 8,000 units.2. For the month of January, compute the following variances.Complete this question by entering your answers in the tabs below.Required 1Required 2For the month of January, compute the following variances.Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect(i.e., zero variance).a. Direct-material price variance$2,340b. Direct-material quantity variancec. Direct-material purchase price varianced. Direct-labor rate variancee. Direct-labor efficiency variance

Name: Domestic New Jersey Valve Company manufactured 8,000 units during Janu
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Domestic New Jersey Valve Company manufactured 8,000 units during January of a control valve used by milk processors in its Camden plant.Records indicated the following:Direct laborDirect material purchasedDirect material used48,900 hour at $15.20 pe