5. The following data is given for the Taylor Company: Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit Actual pounds purchased and used in production 11,800 $23,000 Actual price paid for materials Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 $62,928 Actual total labor costs Overhead: sed toote Actual and budgeted fixed overhead ten $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied on standard labor hours. A Compute the direct material price, quantity and total direct material variances for Taylor Company V B. Compute the direct labor rate, time and total direct labor variances for Taylor Company. C. Based on the company variances, what advice would you give to company management and briefly discuss the basis for your advice/recommendations. Direct Labor ate