Hayes Chemical Company produces a chemical used in dry cleaning. Its accounting system uses standard costs. Standards for each 0.5-gallon can of chemical and actual data for Hayes Chemical follow: Standards and budgeted information: Gallons of material per can of chemical 1.20 Hours of labor per can of chemical 1.50 Standard cost per gallon of material $6.00 Standard cost per hour of labor $9.00 Overhead application rate per can $7.75 Expected production - cans of chemical 20,000 Expected fixed overhead per year $55,000 Variable overhead rate per 0.5-gallon can $5.00 Actual information for 2018: Cans produced 23,000 Gallons of material purchased 35,000 Cost of material purchased $250,000 Gallons of material used in production 30,000 Cost of direct labor incurred $290,000 Average wage rate per hour $8.25 Actual overhead cost $220,000 Required a. Determine the standard cost per unit. Material X 11 1I Labor Variable overhead Fixed overhead = Total unit cost