The Red man Company manufactures a product whose standard unit cost is as follows: 000 Direct materials: 24 kilograms @ Rs. 3.00.. Rs. Direct Labour: 6 hours @ Rs. 8.00...... Factory Overhead: 50% of Prime Cost (72 +48) x 50%... Total Standard Unit Cost........ Actual Data for November, b) 72.00 48.00 60.00 180.00 Production: 10,000 units, Direct Materials put into production, 250,000 kg @ Rs. 2.85 Direct Labour: 58,000 hours @ Rs. 9.00, Actual Factory Overhead: Rs. 700,000 Required: a) Compute The Following: i) Material Price Variance ii) Material Quantity Variance iii) Labour Efficiency Variance iv) Labour Rate Variance v) Factory Overhead Variance. Give Journal Entries to record the above variance, and then close these variance into income and expense summary account. Compare Actual Unit Cost with Standard Unit Cost.