Is it possible to merge text AND images from excel into a word label template document?

We'll be printing name tags for our upcoming wedding, and everyone will be organized by which table they're sitting at. We have a chinese symbol for each table, so I wanted to see if, in my excel document, I can insert a column of images next to each person's name based on their respective table, and then when I merge into word labels for printing, the images are merged into the label in addition to the person's name and the table name. I figure it's easier that way than placing an image into every label.

Any suggestions?