Nestl reviews standard costing for a product: Standard cost $80/unit (materials $30/unit, labor $25/unit, overhead $25/unit), actual cost $85/unit. Requirements: Calculate the material price and

1. Nestlé reviews standard costing for a product: Standard cost $80/unit (materials $30/unit, labor $25/unit, overhead $25/unit), actual cost $85/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.
     • Recommend corrective actions to address unfavorable variances and improve cost control.