The following data are given for Taylor Company: 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 fixed overhead 1,000 units 980 units $2.00 12 11,800 $23.000 $14.00 per hour 4.5 4.560 $62.928 Standard variable overhead rate $27,000 $3.50 per standard labor hour $15.500 Actual variable overhead costs Overhead is applied based on standard labor hours. Compute the direct materials price and quantity variances for Tavlor Company. Enter favorable variances as negative numbers. Do not round interim calculations. Direct materials price variance S 600 Favorable Direct materials quantity variance 80 amlavorable Favorable Unfavorable The following data are given for Taylor Company: 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 fixed overhead 1,000 units 980 units $2.00 12 11,800 $23,000 $14.00 per hour 4.5 4,560 $62,928 Standard variable overhead rate $27,000 $3.50 per standard labo $15,500 Actual variable overhead costs Overhead is applied based on standard labor hours. Compute the direct materials price and quantity variances for Taylor Company. Enter favorable Direct materials price variance S 600 Favorable Direct materials quantity variance 5 80 Unfavorable Favorable Unfavorable