Question $-4($a$)$

The standard and actual cost data of Sahalamar Silk Mils Lid are as follows:

Standard

Actual

Direct Material

Direct Labour: $40,000$ units at the rate of R$.8.39,200$ units at the rate of Rs$.720,000$ hours at the rate of Rs$.12.24,000$ hoursat the rate of Rs$.13$

Required:

a$)$

$($i$)$

$($ii$)$

Material Price Variance and Material Quantity Variance Labour Rate $-$ Variance and Labour Time Variance

b$)$ General Joumal entries to record the above information and to close the variance accounts.