Oracle Corporation implements standard costing for its software development projects. In February 2041, the company incurs the following costs:

• Standard Costs: $50,000,000
• Actual Costs: $55,000,000

Requirements:

• Calculate the cost variances (material, labor, and overhead).
• Analyze the reasons for the variances.
• Prepare a variance analysis report.
• Recommend corrective actions to address the variances.
• Evaluate the performance of the project.