E9-10 (Algo) Calculating Variable Overhead Variances (LO 9-5) Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: 92 Direct materials (plastie) Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($383,880 - 914,000 units) Standard Standard Standard Price Unit Quantity (Rate) Cont 8 sq ft. $ 1.02 per sq. ft. $8.16 0.3 hr. $11.10 per he. 3.33 0.3 hr. $ 2.60 per hr. 0.78 0.42 Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastie used Cost of plastie purchased and used Number of labor hours worked Direct labor cost Variable overhead cont Fixed overhead coat 1,000,000 11,600,000 $11,600,000 312,000 $),601,600 5 800,000 5 369,000 05 Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.o., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance