QUESTION 8 - FINANCE QUALITY a) A company that manufactures industrial wind turbine units use EN8 mild steel tubing in their production. Their production figures and customer orders suggested that 200 units would be manufactured in January, and that to do so the company would expect to use 600 metres of steel tubing.(each unit historically uses 3 metres of steel tube). Purchasing data indicates that the company would usually pay a price of 4,50 per metre for this material. In February, a review of the activity in the previous month (.e. January) showed that the actual production during the month had been a total of 185 units, and that 540 metres of steel tubing had been used to do so. The material that was used in January had been purchased at a price of 4.20 per metre, Calculate the adjusted standard material quantity and standard total costs for production and the resulting material variances for this output (4 marks) What do the variances indicate? (1 mark) Maximum 100 words