ABC Corporation prepares a budget for the upcoming year with the following information:

• Sales: $500,000
• Direct Materials: $100,000
• Direct Labor: $80,000
• Manufacturing Overhead: $50,000
• Selling and Administrative Expenses: $70,000 During the year, actual sales were $480,000, direct materials cost $110,000, direct labor cost $75,000, manufacturing overhead cost $55,000, and selling and administrative expenses $68,000. Calculate the variances for each category and explain the results.