Standard Costing Q. The Standard and Actual cost data of Excel Ltd. is as follows: Standard Direct Material Direct Labor 10,000 Units @ Rs.4 per unit 5,000 Hours @ Rs.6 per hour Actual Direct Material Direct Labor 9,800 Units @ Rs. 3.50 per unit 6,000 Hours @ Rs. 6.50 per Hour Required: 1. Material Price Variance, Material Quantity Variance and Total Material Variance 2. Labor Rate Variance, Labor Time Variance and Total Labor Variance 3. General Journal Entries to record the above information and to close the variance account.