The following data are given for Taylor Company: Budgeted production 1,000 units 980 units 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 $2.00 12 11,800 $23,000 $14.00 per hour Standard hours allowed per completed unit 4.5 Actual labor hours worked Actual total labor costs Overhead: 4,560 $62,928 Actual and budgeted fixed overhead $27,000 Standard variable overhead rate Actual variable overhead costs Overhead is applied based on standard labor hours. $3.50 per standard labor hour $15,500 Compute the direct labor rate and time variances for Taylor Company. Enter favorable variances as negative numbers. Direct labor rate variance S Direct labor time variance Favorable