Calculate the direct material price variance and rhe direct material quantity variance

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: 326, eee 383, eee Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $519.68@ + 928.eee units) Standard Quantity 14 sq ft. e. 25 hr. e. 25 hr. Standard' Standard Price (Rate) Unit Cost' $ e.8e per sq. ft. $12.4e per hr. $ 1.60 per hr. $ 11.20 3.1e e. 40 e.56 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 Fixed overhead cost Required: 1, 220, eoe 12, see, eee 8, 610, 3, 912, eee 1, 240, eee Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect