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XYZ Corporation produces a single product. The standard cost per unit is $60 for direct materials, $40 for direct labor, and $30 for factory overhead.

XYZ Corporation produces a single product. The standard cost per unit is $60 for direct materials, $40 for direct labor, and $30 for factory overhead. During the month of July, the company produced 6,000 units. Actual costs incurred were: direct materials $350,000, direct labor $240,000, and factory overhead $180,000. Calculate the total variance and break it down into material, labor, and overhead variances.

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