Sunset Electronics produces smartphones and utilizes standard costing for performance evaluation. The company sets the following standard costs per unit:

• Direct Materials: $50
• Direct Labor: $20
• Variable Overhead: $10

During the month, Sunset Electronics produced 3,000 smartphones. The actual costs incurred were:

• Direct Materials: $160,000
• Direct Labor: $60,000
• Variable Overhead: $30,000

Compute the direct materials, direct labor, and variable overhead variances. Evaluate the company's performance based on these variances and provide possible explanations for any significant differences between actual and standard costs.