The Chicago Company began operations on January 1, 2018. The standard quantities and costs for 2018 were as follows: Direct materials Direct labor Variable Overhead Fixed Overhead 3 pounds per unit at $5 per pound .8 hours per unit at $20 per hour .8 hours per unit at $10 per hour .8 hours per unit at $15 per hour The company charges overhead to units on the basis of direct labor hours. Production cost variances for 2018 are shown below: Direct materials price variance $10,000 Fav. Direct materials quantity variance $15,000 Unf. $11,000 Fav. $ 8,000 Fav. $14,000 Unf. Direct labor price variance Direct labor efficiency variance Variable overhead spending variance Variable overhead efficiency variance Fixed overhead budget variance Fixed overhead production volume variance $ 4,000 Fav. $ 9,000 Unf. $24,000 Fav. The company actually produced 20,000 units during 2018. The actual direct materials cost per unit was $15.25, and the actual direct labor cost per unit was $15.05. As we did in HW 4, you may assume that the standard overhead rates PER HOUR are the same for both standard costing and for normal costing, but they are not the same per unit. On average, it actually took the company .78 labor hours per unit to produce the 20,000 units during 2018. The company had no Work in Process or direct materials inventories at the end of 2018. The company did have 2,000 units left over in the ending Finished Goods for 2018. Actual overhead costs for 2018 were $170,000 for variable overhead and $225,000 for fixed overhead. Compute the cost of one unit using actual absorption costing for 2018. Do not put a dollar sign in your answer, and round it to the nearest cent, if needed. In other words, if your answer came out to be $97.15 (it won't), you should put 97.15 as your answer. Question 17 1 pts The accountant for the Chicago Company is preparing an income statement for 2018 using standard variable costing. The adjustment to Cost of Goods Sold would be Cost of Goods Sold. O subtracted from O added to Question 18 2 pts Refer to question 17. Now compute the AMOUNT of the adjustment to Cost of Goods Sold using standard variable costing. Do NOT put a dollar sign in your answer. Question 19 Now assume that the income statement is going to be prepared using normal variable costing. The adjustment to Cost of Goods Sold would be _ Cost of Goods Sold. O added to O subtracted from _____ 1 pts Question 20 2 pts Refer to question 19. Now compute the AMOUNT of the adjustment to Cost of Goods Sold using normal variable costing. Do NOT put a dollar sign in your answer. Question 21 Compute the denominator level (in units) for the Chicago Company for 2018. 2 pts