PR $10-33($Algo$)$ Direct$-$Material and Direct$-$Labor Variances $($LO $10-1,10-3)$

New Jersey Valve Company manufactured $7,900$ units during January of a control valve used by milk processors in its Camden plant.

Records indicated the following:

Direct labor

Direct material purchased

Direct material used

$48,200$ hour at $$14\mathrm{.}10$ per hour

$26,000$ pounds at $$2\mathrm{.}60$ per pound

$23,400$ pounds

The control valve has the following standard prime costs:

Required:

Prepare a schedule of standard production costs for January, based on actual production of $7,900$ units.

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 $7,900$ units.

NEW JERSEY VALVE COMPANY: CAMDEN PLANT

Schedule of Standard Production Costs

Based on $7,900$ Units

For the Month of January

Total standard production costs