50. Analyze standard costs for a manufacturing process using the following data:

Cost Element	Standard Cost ($)
Direct Materials	25
Direct Labor	30
Variable Overhead	15
Fixed Overhead	20

Requirements:

• Calculate the standard cost per unit.
• Prepare a standard cost variance analysis table.
• Discuss the significance of standard costing.
• Identify potential causes of variance from standard costs.
• Provide recommendations for variance management.