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Problem 11.5 (LO1, 2) Excel Comprehensive Variance Problem The Hayes Chemical Company produces a chemical used in dry cleaning. It accounting system uses standard costs. The standards per 5-gallon can of chemical call for 1.20 gallons of material and 1.50 hours of labor. (1,20 gallons of material are needed to produce a .5-gallon can of product due to evaporation. The standard cost per gallon of material is $6.00. The standard cost per hour for labor is $9.00. Overhead is applied at the rate of $7.75 per can. Expected production is 20,000 cans with fixed overhead per year of $55.000 and variable overhead of $5.00 per unit (a 5 gallon can) During 2021, 23,000 cans were produced: 35.000 gallons of material were purchased at a cost of $250,000; 30,000 gallons of material were used in production The cost of direct labor incurred in 2021 was $290,000 based on an average actual wage rate of $8.95 per hour. Actual overhead for 2021 was $220,000. Required a. Determine the standard cost per unit b. Calculate material, labor, and overhead variances c. List a possible cause for each variance 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 Hours of labor per can of chemical Standard cost per gallon of material Standard cost per hour of labor Overhead application rate per can Expected production - cans of chemical Expected fixed overhead per year Variable overhead rate per 0.5-gallon can 1.20 1.50 $6.00 $9.00 $7.75 20,000 $55,000 $5.00 Actual information for 2018: Cans produced Gallons of material purchased Cost of material purchased Gallons of material used in production Cost of direct labor incurred Average wage rate per hour Actual overhead cost 23,000 35,000 $250,000 30,000 $290,000 $8.25 $220,000 Required a. Determine the standard cost per unit. Material Labor Variable overhead Fixed overhead Total unit cost 11 b. Calculate the material, labor, and overhead standards. Material price variance Favorable or unfavorable? Material quantity variance Favorable or unfavorable? Labor rate variance Favorable or unfavorable