The company has provided the following production information for this year Actual direct labor wage rate $9.60 Actual material cost per unit for the period $6.25 Standard cost of raw material per unit $6.00 Standard direct labor rate per hour $10.00 Standard number of units of raw material per finished unit 4 Standard direct labor hours per finished unit Actual production of finished units 6,000 Actual units of materials purchased & used 21,360 Actual hours of direct labor used. 19,300 1. Compute and record direct material and direct labor standard cost variances. 2. Close out the variance accounts.