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 0.5-liter can of solution call for 0.62 liters of material and 4 hours of labor. (0.62 liters of material are needed due to evaporation in the production process.) The standard cost per liter of material is $2.4. The standard cost per hour for labor is $12.60. Overhead is applied at the rate of $15.01 per can. Expected production is 8, 100 cans with fixed overhead per year of $28, 593 and variable overhead of $11.48 per unit (a 0.5-liter can). During 2015, 7, 960 cans were produced; 12, 300 liters of material were purchased at cost of $58, 179; 10, 190 liters of material were used in production. The cost of direct labor incurred in 2015 was $365, 940, based on an average actual wage rate of $10.70 per hour. Actual overhead for 2015 was $128,000. Determine the standard cost per unit. Calculate material, labor, and overhead variances