Budgetary Control and Variance Analysis for Performance Evaluation: A company budgeted $100,000 for production costs and incurred actual production costs of $110,000. Calculate the production cost variance, including materials, labor, and overhead variances, and discuss possible reasons for the variances, such as cost overruns, production inefficiencies, or changes in input prices. Analyze the role of budgetary control and variance analysis in performance evaluation, cost management, and continuous improvement initiatives.