Question: 3.(This tasks addresses CLO3) Task 1. Analyse the appropriateness of using standard costing as a tool for controlling cost in the context of a petrochemical Task 2. Calculate Material price variance. Material usage variance and material cost variance from the following data. Analyse the probable reasons for adverse variances if any. Standard Material for 70 kgs of finished Goods: 100 kg Price of material OMR 1 per kg Actual Output 210,000 Kg Material used 280,000 kg Cost of material OMR 252,000