Exercise 1. (20 points) The standard materials cost of product P01 is as follows. Material X 3 kg at $3.00 per kg Material Y 5 kg at $4.60 per kg 8 kg During the period, 2,000 kg of material X (costing $6,100) and 2,400 kg of material Y (costing $12,000) were used to produce 500 units of product P01. Required: Calculate and interpret the following variances. (a) Total material price variance (b) Total material mix vaciance (c) Total material yield vacance