12. Analyzing standard costs for a production process, the following data is provided:

Cost Element	Standard Cost ($)
Direct Materials	8
Direct Labor	12
Variable Overhead	5
Fixed Overhead	10

Your requirements are as follows:

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