Nestl reviews standard costing for a product: Standard cost $50/unit (materials $20/unit, labor $15/unit, overhead $15/unit), actual cost $55/unit. Requirements: Calculate the material price and

1. Nestlé reviews standard costing for a product: Standard cost $50/unit (materials $20/unit, labor $15/unit, overhead $15/unit), actual cost $55/unit.
   • Requirements:
     • Calculate the material price and quantity variances.
     • Calculate the labor rate and efficiency variances.
     • Calculate the overhead spending and volume variances.
     • Prepare a variance analysis report and suggest corrective actions.