Sunrise Furniture Company employs standard costing to analyze its production costs. The standard costs per unit for one of its products are as follows:

• Direct Materials: $50
• Direct Labor: $30
• Variable Overhead: $10

During the month, the company produced 2,000 units. However, the actual costs incurred were:

• Direct Materials: $110,000
• Direct Labor: $60,000
• Variable Overhead: $20,000

Compute the direct materials, direct labor, and variable overhead variances. Interpret the variances and provide possible explanations for any significant differences between actual and standard costs.