Q.No.2 Marks : 07 The standard and actual cost data of M's. ABC Company are as follows: Standard Raw Material (DM) is 5000 units @ Rs. 10 while Actual 4900 units @ Rs. 8 Standard Direct Labor (DL) is 10000 hours @ Rs. 4 while Actual 12000 Hours @ Rs. 5 Standard Factory Overhead (FOH) is 50% of Direct Labor while Actual FOH Rs. 15000 Required: A) Calculate; Material Price Variance and Material Quantity Variance 1i . Labor rate variance and Labor time variance . . . 111. Overhead Variance B) Give journal entries to record the above information and close the variance accounts