Problem 11-6

XO-20 is an oil-based product used to remove rust on bolts and nuts that are stuck. Its accounting system uses standard costs. The standards per 0.4-liter can of solution call for 0.76 liters of material and 4 hours of labor. (0.76 liters of material are needed due to evaporation in the production process.) The standard cost per liter of material is $2.6. The standard cost per hour for labor is $12.30. Overhead is applied at the rate of $15.36 per can. Expected production is 7,700 cans with fixed overhead per year of $40,502 and variable overhead of $10.10 per unit (a 0.4-liter can). During 2015, 7,680 cans were produced; 13,100 liters of material were purchased at a cost of $61,439; 10,180 liters of material were used in production. The cost of direct labor incurred in 2015 was $365,211, based on an average actual wage rate of $10.71 per hour. Actual overhead for 2015 was $124,000.

Determine the standard cost per unit. (Round answer to 2 decimal places, e.g. 15.25.) Standard cost per unit LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate material, labor, and overhead variances. (Round answers to o 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 LINK TO TEXT LINK TO TEXT LINK TO TEXT