Analyze material, labor, and overhead variances using standard costing.

Item	Standard Cost per Unit	Actual Cost per Unit	Actual Production
Direct materials	$25	$28	8,000 units
Direct labor	$15	$14	8,000 units
Variable overhead	$10	$12	8,000 units
Fixed overhead	$80,000	$85,000	-

Requirements:

Calculate the material price variance and quantity variance.

Calculate the labor rate variance and efficiency variance.

Calculate the variable overhead spending variance and efficiency variance.

Discuss how variance analysis can help improve cost control and performance evaluation.