Case 1: Muscat Industries LLC provide the following information from their records: For making 10 kgs. of Gemco the standard material and labor requirement is 4 Material Qty. (Kgs.) Total Amount (RO) 8 48 B 16 Labor Hours Total Amount (RO) Helper 50 350 Fitter 55 400 During April 8 kgs, of Gemco were produced. The actual consumption of material and labor is as under Material Qty. (Kgs.) Total Amount (RO) A 7 49 B 5 25 Labor Hours Total Amount (RO) Helper 30 400 Fitter 40 Required: (10+5 = 15 Marks) a. Calculate Material Variance and comment on the results. b. Il a company produces a given type of product only one time, will standard costing be as useful as if the company continually produces the same type of product? Explain with your own example. (300 words) 550