10 4 Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: points Skipped eBook Hint Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($579,080 934,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost 1,280,000 12,600,000 $ 12,600,000 332,000 $ 4,083,600 $ 1,589,000 $ 389,000 Fixed overhead cost Print Required: References Standard Unit Standard Quantity Standard Price (Rate) Cost 12 square foot 0.25 hour $ 1.10 per square foot $ 13.20 per hour $ 13.20 3.30 0.25 hour $ 2.20 per hour 0.55 Calculate Parker Plastic's direct labor rate and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Labor Rate Variance Direct Labor Efficiency Variance 0.62 Check my work