ABC Manufacturing Bhd$.$ produces a single product. Last month, they produced and sold $10,000$

units.

Their costs for the month were:

$1.$ Direct materials: MYR $50,000$

$2.$ Direct labor: MYR $80,000$

$3.$ Variable overhead: MYR $30,000$

$4.$ Fixed overhead: MYR$120,000$

$5.$ Budgeted fixed overhead: MYR$140\mathrm{.}000$

The standard cost per unit for the product is:

$1.$ Direct materials: MYR $4$

$2.$ Direct labor: MYR $6$

$3.$ Variable overhead: MYR $2$

Prepare an analysis of variance for materials costs, labor costs, variable overhead and fixed overheads against the standard costs. Provide suggestions to improve the situation.