E9-6 Calculating Direct Materials Variances Lo 9-3] Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: 1.02 per sq, ft 2.60 por hr 8.16 3.33 0.78 8 sq ft. 0.3 hr. Direct labor Variable manufacturing overhead (based on 0.3 hr $ 11.10 per hr. direct labor hours) Fxed overhead $383,880 . 914,000 units) 0.42 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 plasto purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost ,060.000 11,000,000 11,800,.000 312,000 3,681,600 800,000 S 369,000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Direct Matorial Price Variance Direct Material Quantity Variance