XYZ Company has a standard cost system in place. The standard cost for one unit of product is $15 in materials and $10 in labor. During the month, the company produced 1,000 units. The actual cost incurred was $16,500 for materials and $11,200 for labor. Perform a variance analysis for both materials and labor.

Requirements:

1. Calculate the materials price variance and materials quantity variance.
2. Determine the labor rate variance and labor efficiency variance.
3. Analyze the reasons for variances.
4. Suggest corrective actions for unfavorable variances.

Evaluate the overall cost control measures.