A manufacturer has set the following standards for production:

• 3 pounds of material per unit at a cost of $1 per pound.

• 15 minutes of direct labor time at a cost of $10 per hour.

• Overhead costs of $4 per direct labor hour.

Actual production statistics follow:

• 20,000 units were produced.

• 56,000 pounds of material were purchased and used.

• $55,000 were spent on these materials.

• 4,900 hours of direct labor were used at a cost of $52,000.

• $20,000 in overhead costs were incurred.

Required:
Perform a variance analysis.