Question 3: A Mechanical design company produces an innovative design Component Z100 used for electric cars. The standard design of producing one(1) unit of component Z100 is provided in the bill of materials BOM which requires material mix shown in Table Q3-1. The current monthly production of Component Z100 is 2000 units with the actual material consumption shown in Table Q3-2. Determine the following: (1) Material usage variance; [5] (ii) Material price variance; [5] (iii) Total material cost variance; [6] (iv) Discuss at least two(2) importance of variance analysis in a manufacturing company Table Q3-1 Usage (units) Materials V W X Y 5 3 8 2 Total cost (OMR) 17.5 37.5 52 40 Table Q3-2 Usage (units) Materials V w 11,854 6,818 17,280 4,030 Total cost (OMR) 51,227 93,826 103,792 76,648 Y