A manufacturing plant produces a single product. The following standard and actual cost information is available:

• Standard cost per unit: Direct materials $20, Direct labor $10, Variable overhead $5, Fixed overhead $8
• Actual costs for 10,000 units produced: Direct materials $195,000, Direct labor $95,000, Variable overhead $50,000, Fixed overhead $85,000

a. Calculate the total standard cost and total actual cost. b. Determine the direct materials price variance, direct materials quantity variance, direct labor rate variance, direct labor efficiency variance, variable overhead spending variance, and variable overhead efficiency variance. c. Analyze the variances and provide possible reasons for the differences between standard and actual costs.