Q#3: Zafar products Company uses Standard costing System. Following information was extracted from the records. STANDARD ACTUAL R. Material Rate Per Unit Rs.10 Rate per unit Rs.9 Total cost Rs.100,000 Quantity 9,000 units D. Labour Wage per Hour Rs.25 Wage per hour Rs.15 Total labour hours 5,000 Total Labour cost Rs.150,000 FOH 75% of D. Labour cost Total Cost Rs.60,000 wwwwwwwww REQUIRED:- 1. Material price variance 2. Material Quantity variance 3. Labour rate/wage variance 4. Labour hour/efficiency/time variance 5. FOH Variance 6. Compute overall variance of Material, Labour and FOH 7. Record all the information in journal and close all variance account