Exercise 3. (20 points) The standard materials cost of product P1 is as follows: Material X 3 kg at $3.00 per kg Material Y5 kg at 5460 per kg 8 kg During the period, 2000 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 POI Required: Calculate and interpret the following viriances, (a) Total material price variance (b) Total material mix variance (c) Total material yield vanance