The standard and actual cost data of M/s. ABC Company is as follows:

Standard Raw Material (DM) is 5000 units @ Rs. 10 while the Actual 4900 units @ Rs. 8

Standard Direct Labor (DL) is 10000 hours @ Rs. 4 while the Actual 12000 Hours @ Rs. 5

Standard Factory Overhead (FOH) is 50% of Direct Labor while Actual FOH is Rs. 15000

Required:

A) Calculate;

1. Material Price Variance and Material Quantity Variance
2. Labor rate variance and Labor time variance
3. Overhead Variance

B) Give journal entries to record the above information and close the variance accounts.