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Business, 26.10.2021 19:30 Tonilynnpinto63

New Jersey Valve Company manufactured 7,600 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: Direct labor 46,500 hr. at $14.70 per hr.
Direct material purchased 31,000 lb. at $2.10 per lb.
Direct material used 28,000 lb.

The control valve has the following standard prime costs:

Direct material 4 lb. at $2.00 per lb. $8.00
Direct labor 6 hr. at $15.10 per hr. 90.60
Standard prime cost per unit $98.60

Required:
Prepare a schedule of standard production costs for January, based on actual production of 7,600 units.

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