Q.3 (a) State some uses and applications of standard cost. (Marks 19 (b) Al-Noor (Pvt.) Limited uses standard cost system. The standard cost card for one of its product shows the following material standards: Rupees Material Kilogram Cost/ Kg. Amount Alpha 40 400 16,000 Beta 45 500 22,500 Gama 40 600 24,000 125 500 62,500 Evaporation (20%) (25) 100 625 62,500 Material used for recent production run of 100 kilograms output are: Rupees Material Alpha Beta Gama Required: Calculate the following: (1) Material price variance. (ii) Material mix variance. (iii) Material yield variance. (iv) Total material variance. 45 Kilogram Cost/ Kg. 390 40 45 2055 550 550