Using the following data, compute the direct labor rate and time variances for Taylor Company. 1,000 units 980 units $2.00 12 11,800 $23,000 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 Standard variable overhead rate Actual variable overhead costs Overhead is applied based on standard labor hours. $14 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard labor hour $15,500 Enter favorable variances as negative numbers. Direct labor rate variance: Direct labor time variance