Nestl reviews standard costing with direct materials (standard cost $8/unit, actual cost $9/unit, standard quantity 50,000 units, actual quantity 48,000 units), direct labor (standard rate

1. Nestlé reviews standard costing with direct materials (standard cost $8/unit, actual cost $9/unit, standard quantity 50,000 units, actual quantity 48,000 units), direct labor (standard rate $15/hour, actual rate $16/hour, standard hours 30,000, actual hours 28,000).
   • Requirements:
     • Calculate the material price variance and quantity variance.
     • Calculate the labor rate variance and efficiency variance.
     • Prepare a detailed variance analysis report.
     • Suggest actions to address unfavorable variances and improve cost control.