A Company uses Standard costing system. Given data (picture attached) is taken from its cost record. 1] Compute the Following. a) Material Price Variance b) Material Quantity Variance c) Labour Rate Variance d) Labour efficiency variance e) Overhead Variance 2] Prepare the Journal Entries to record and close above variances.

Direct Material Direct Labour STANDARD Rate per unit Rs. 10 Total Cost Rs. 80,000 Wages per hour Rs. 40 Total labour hours 600 90% of Direct labour ACTUAL Rate per unit Rs. 12 Quantity 8,600 units Wages per hour Rs. 30 Total labour cost Rs. 16,500 Rs. 20,000 Factory Overhead