(please do answer for journal entries)

The XYZ Company uses Standard costing system. Following data are taken from its cost record. STANDARD ACTUAL Direct Material Rate per unit Rs. 10 Rate per unit Rs. 12 Total Cost Rs. 80,000 Quantity 8,600 units Direct Labour Wages per hour Rs. 40 Wages per hour Rs. 30 Total labour hours 600 Total labour cost Rs. 16,500 Factory Overhead 90% of Direct labour Rs. 20,000 Required: 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. 2]