The following data is given for the Walker Company: Budgeted production Actual production 1,000 units 980 units Materials: Standard price per lb 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 $2.00 12 11,800 $23,000 $14 per hour 4.5 4,560 Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. The direct labor time variance is: $62,928 $27,000 $3.50 per standard labor hour $15,500 The following data is given for the Walker Company: Budgeted production Actual production 1,000 units 980 units Materials: Standard price per lb 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 $2.00 12 11,800 $23,000 $14 per hour 4.5 4,560 Actual total labor costs Overhead: $62,928 Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. $27,000 $3.50 per standard labor hour $15,500 The direct labor time variance is: 912F 2,100F 912U 2,100U