Perform a variance analysis for Company C's manufacturing operations to identify cost discrepancies.

Requirements:

1. Calculate the materials price and quantity variances based on actual and standard costs.
2. Analyze the labor rate and efficiency variances using standard and actual labor hours.
3. Determine the variable overhead spending and efficiency variances.
4. Provide explanations for each variance and recommend corrective actions to improve cost control.

Cost Element	Actual ($)	Standard ($)
Materials	25,000	22,000
Labor	30,000	28,000
Variable Overhead	8,000	7,500