STANDARD COSTING Standard Costing Q. The Standard and Actual cost data of Excel Ltd. is as follows: Standard Direct Material 10,000 Units @Rs.4 per unit Direct Labor 5,000 Hours @ Rs.6 per hour Actual Direct Material 9,800 Units @Rs. 3.50 per unit Direct Labor 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.