Using the following data, compute the direct material price and quantity variances for Taylor Company. Budgeted production 1,000 units Actual production 980 units Materials: Standard price per pound $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per hour Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 Actual total la bor costs $62,928 Overhead: Actual and budgeted fixed overhead $27,000 Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied based on standard labor hours. Enter favorable variances as negative numbers. $ -22,998 X Favorable X Direct material price: Direct material quantity variance: $ -22,998 X Unfavorable