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The following data are given for Taylor Company: 1,000 units Budgeted production Actual production 980...

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Accounting

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The following data are given for Taylor Company: 1,000 units Budgeted production Actual production 980 units Materials: $2.00 12 Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials 11,800 $28,000 Labor: $14.00 per hour Standard hourly labor rate Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 Actual total labor costs $62,928 Overhead: $27,000 Actual and budgeted fixed overhead Standard variable overhead rate $3.50 per standard labor hour Actual variable overhead costs $15,500 Overhead is applied based on standard labor hours. Compute the direct materials price and quantity variances for Taylor Company. Enter favorable variances as negative numbers. Do not round interim calculations. Direct materials price variance Direct materials quantity variance

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