a) List and explain the advantages of standard costing. Cite any cases where possible (5 marks) b) William Limited is a coffee-blending firm. It produces a special blend of coffee known as "Leads Blend" by mixing two grades of coffee "DAB" and "EQP" as follows: Material Standard mix ratio Standard price per Kg DAB 40% Sh 120 EQP 60% Sh 100 A standard loss of 15% is expected. During the month of March 2020, the company produced 2,500 kg of "Leads Blend". The actual quantities blended were as follows: Quantity used Cost (Sh) Percentage price DAB 1,400kg 200,000 80% 75,000 20% EQP 1,600kg 150,000 60% 155,000 40% Required: Calculate the following variances i) Material price variance ii) Material usage variance iii) Material min variance iv) Material yield variance v) Material cost variance (2 marks) (2 marks) (4 marks) (4 marks)