Actual costs vs Variances and cost update process

Hi Folks,

Could some one explain following details.

1. Where we can find the differences of Standard costs vs Actual costs (Specify the report name if any)

2. How variances will be split into different cost elements while running cost update program

Ex:- Product standard cost = 100 USD

elements as follow's :-

Material: 40 USD, Material overhead: 20 USD, OSP: 20 USD, Resource: 7 USD, Resource overhead: 3 USD

now I have received a product cost: 120, so it will be split  in to different cost elements while updating cost