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 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on Standard Quantity Standard Price (Rate) 13 sq ft. 1.55 per sq. ft 0.3 hr 0.3 hr Standard Unit Cost 20.15 3.63 0.36 $12.10 per hr $1.20 per hr direct labor hours) Fixed manufacturing overhead $480,480 0.52 924,000 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 Fixed overhead cost 1.180,000 2,100,000 S 18,150,000 322,000 3,799,600 $ 1,200,000 $ 379,000 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 Material Price Variance Direct Material Quantity Variance