3 The following data is given for the Taylor Company: 1,000 units Budgeted production 980 units Actual production Materials: Standard price per pound $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied based on standard labor hours. a) Compute the direct materials price and quantity variances for Taylor Company. b) Compute the direct labor rate and time variances for Taylor Company