XYZ Company produces widgets and budgets to produce 10,000 units. The standard cost per unit is $20 for direct materials and $10 for direct labor. Actual production for the period was 9,500 units. Actual costs incurred were $190,000 for direct materials and $95,000 for direct labor. Calculate: a) Total standard cost and total actual cost. b) Material and labor variances. c) Analyze the variances and suggest possible reasons for any significant differences.