General Motors produces car parts using process costing. In May 2037, the company processes 12,000 units of raw materials with a standard cost of $60 per unit. Actual costs incurred:

• Direct Material Costs: $750,000
• Direct Labor Costs: $150,000
• Overhead Costs: $200,000

Requirements:

• Calculate the standard cost per equivalent unit.
• Perform a standard cost variance analysis.
• Prepare a cost reconciliation statement.
• Analyze the reasons for variances and suggest corrective actions.
• Prepare a report for management on the cost control measures.