Zeta Manufacturing Company produces bicycles. The standard cost for producing one bicycle is as follows:

• Direct Materials: SAR 100
• Direct Labor: SAR 60
• Variable Overhead: SAR 40 During July 2024, the company produced 500 bicycles. The actual costs incurred were:
• Direct Materials: SAR 50,000
• Direct Labor: SAR 30,000
• Variable Overhead: SAR 20,000 Calculate the direct material, direct labor, and variable overhead cost variances. Provide explanations for the variances and suggest possible actions for management.