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 0.6-liter can of solution call for 0.75 liters of material and 4 hours of labor. (0.75 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 $13.80. Overhead is applied at the rate of $15.75 per can. Expected production is 8,300 cans with fixed overhead per year of $38,595 and variable overhead of $11.10 per unit (a 0.6-liter can). During 2015, 7,930 cans were produced; 12,400 liters of material were purchased at a cost of $56,544; 10,150 liters of material were used in production. The cost of direct labor incurred in 2015 was $415,679, based on an average actual wage rate of $12.19 per hour. Actual overhead for 2015 was $122,000. Correct answer. Your answer is correct. Determine the standard cost per unit. (Round answer to 2 decimal places, e.g. 15.25.) Standard cost $Entry field with correct answer 72.90 per unit SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Calculate material, labor, and overhead variances. (Round answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.) Material Price Variance $Entry field with incorrect answer 19,894 Entry field with correct answer Material Quantity Variance $Entry field with incorrect answer 10,205 Entry field with correct answer Labor Rate Variance $Entry field with correct answer 54,901 Entry field with correct answer Labor Efficiency Variance $Entry field with correct answer 32,844 Entry field with correct answer Controllable Overhead Variance $Entry field with incorrect answer 8,726 Entry field with correct answer Overhead Volume Variance $Entry field with incorrect answer 5,828 Entry field with correct answer