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PR 10-33(Algo) Direct-Material and Direct-Labor Variances (LO 10-1,10-3) New Jersey Valve Company manufactured...

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Accounting

PR 10-33(Algo) Direct-Material and Direct-Labor Variances (LO 10-1,10-3)
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 labor
41,900 hour at $14.50 per hour
(33,000 pounds at $3.00 per pound
23,600 pounds
The control valve has the following standard prime costs:
Direct material
Direct labor
Standard prime cost per unit
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.
Complete this question by entering your answers in the tabs below.
For 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).
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