Nike Inc. is conducting a variance analysis for its production department. The standard cost data for the production of 10,000 pairs of shoes is as follows:

8. 
   
   • Standard Material Cost per Pair: $20
   • Standard Labor Cost per Pair: $15
   • Actual Material Cost: $210,000
   • Actual Labor Cost: $160,000

Requirements:

8. 
   
   4. Calculate the material cost variance.
   5. Determine the labor cost variance.
   6. Analyze the overall cost variance.
   7. Identify possible reasons for the variances.
   8. Suggest corrective actions to improve cost control.