The following data are given for Taylor Company: 1,000 units 980 units $2.00 12 11,800 $23,000 Budgeted production Actual production Materials: Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials Labor Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted foed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied based on standard labor hours. $14.00 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard labor hour $15,500 Compute the direct material price and quantity wariances for Taylor Company. Enter favorable variances as negative numbers. Do not round interim Calculations Direct materiais price variance X Favorable Direct materials quantity variance X Unfavorable Che My Partially corred