2 questions
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 14 square foot $ 0.80 per square foot $ 11.20 Standard Unit Direct labor 8.25 hour $ 12.40 per hour 3.10 Standard Quantity Standard Price (Rate) Cost Variable manufacturing overhead (based on direct labor hours) 0.25 hour $ 1.60 per hour 0.46 Direct materials (plastic) 12 square foot $ 0.83 per square foot $ 9.96 Fixed manufacturing overhead ($519, 680 + 928,000 units) 0.56 Direct labor 8.25 hour $ 10.50 per hour 2. 62 Variable manufacturing overhead (based on direct labor hours) 0.25 hour $ 2.20 per hour 0.55 Parker Plastic had the following actual results for the past year: Fixed manufacturing overhead ($345, 800 : 910,000 units) 0. 38 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1, 220,000 Number of square feet of plastic used 12, 300, 000 Cost of plastic purchased and used $ 8,610,000 Number of units produced and sold 1, 040,000 Number of labor hours worked 326,000 Number of square feet of plastic used 11, 400,000 Direct labor cost $ 3,912,000 Cost of plastic purchased and used $ 9, 120,000 Variable overhead cost $ 1, 240,000 Number of labor hours worked 308, 000 Fixed overhead cost $ 383,000 Direct labor cost $ 3,449, 600 Variable overhead cost $ 689,000 Fixed overhead cost 365,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Required: Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for Calculate Parker Plastic's direct materials price and quantity variances. unfavorable, and "None" for no effect (i.e., zero variance). 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 Material Price Variance Direct Labor Efficiency Variance Direct Material Quantity Variance