·Variance Analysis and Performance Measurement: Company XYZ's budgeted revenue for the year was $2,000,000, with actual revenue of $1,800,000. Variable costs were budgeted at $1,200,000, and actual variable costs were $1,150,000. Fixed costs were budgeted at $400,000, and actual fixed costs were $410,000.

• Requirement 1: Calculate the sales volume variance and sales price variance.
• Requirement 2: Compute the variable cost variance and fixed cost variance.
• Requirement 3: Analyze the variances and suggest strategies for improvement.