(6) Question 3: A Mechanical design company produces an innovative design Component Z100 used for electric cars. The standard design of producing one (1) unit of component Z100 is provided in the bill of materials BOM which requires material mix shown in Table Q3-1. The current monthly production of Component Z100 is 2000 units O Material usage variance, with the actual material consumption shown in Table Q3-2. Determine the following: (1) Material price variance, (iii) Total material cost variance, (iv) Discuss at least two(2) importance of variance analysis in a manufacturing company Table Q3-1 Materials Usage (units) Total cost (OMR) 17.5 37,5 52 40 Table Q3-2 Materials Usage (units) Total cost (OMR) 11,978 50,806 6,836 94,348 17,352 104,439 4,306 76,653 NN0 3 X >