Conduct variance analysis for production costs at Ford Motor Company.

Compare actual costs to budgeted costs for raw materials, labor, and overhead.

Calculate the total variance and identify the reasons for significant variances.

Recommend strategies to control costs and improve budgeting accuracy.

Cost Components	Budgeted Costs ($)	Actual Costs ($)
Raw Materials	$60,000,000	$62,000,000
Labor	$40,000,000	$38,000,000
Overhead	$50,000,000	$55,000,000