Problems SHOW ALL WORK! 1. The following data is given for Taylor Company: 1,000 units 980 units Budgeted production Actual production Materials: $2.00 12 11,800 $1.95 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 cost $14 per hour 4.5 4,560 $62,928 Compute and correctly label the following (20 pts): a. Direct Materials Price Variance b. Direct Materials Quantity Variance c. Total Direct Materials Cost Variance d. Direct Labor Rate Variance e. Direct Labor Time Variance f. Total Direct Labor Cost Variance