Problem 11-5 The Hayes Chemical Company produces a chemical used in dry cleaning. Its accounting system uses standard costs. The standards per 0.50-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 0.50-gallon can of product due to evaporation.) The standard cost per gallon of material is $5.00. The standard cost per hour for labor is $9.00. Overhead is applied at the rate of $7.77 per can. Expected production is 21,500 cans with fixed overhead per year of $81,055 and variable overhead of $4.00 per unit (a 0.50-gallon can). During 2018, 22,800 cans were produced; 36,200 gallons of material were purchased at a cost of $263,174; 32,800 gallons of material were used in production. The cost of direct labor incurred in 2018 was $276,438 based on an average actual wage rate of $7.84 per hour. Actual overhead for 2018 was $219,100. Determine the standard cost per unit. (Round answer to 2 decimal places, e.g. 15.25.) Standard cost $ per unit Calculate material, labor, and overhead variances. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.) Material Price Variance Material Quantity Variance ___ Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance Click if you would like to Show Work for this question: 0 Unfavorable Favorable Neither Unfavorable nor Favorable