• XYZ Manufacturing budgeted to produce 1,000 units of a product. The standard cost per unit is $80, consisting of $40 direct materials, $20 direct labor, and $20 overhead. Actual production was 1,200 units. Actual costs were $50,000 for direct materials, $24,000 for direct labor, and $30,000 for overhead. Calculate the direct materials, direct labor, and overhead variances, and interpret the results.