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: 1,000 units 980 unit $2.00 12 11,800 $23,000 $14.00 per hour 4.5 4,560 $62,928 Actual and budgeted fixed overhead Standard variable overhead rate 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 variances as negative numbers. D $27,000 $3.50 per standard labor hour $15,500