E9-8 (Algo) Calculating Direct Materials Variances [LO 9-3] 1 Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Price Standard Quantity Unit Cost (Rate) Direct materials (plastic) 9 sq ft. $ 1.30 per sq. ft. 0.3 hr $11.70 6,7 $13.50 per hr. Direct labor 4.05 points Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $619,080 938,000 units) 0.3 hr $ 1.30 per hr. 0.39 0.66 eBook Print Parker Plastic had the following actual results for the past year References Number of units produced and sold 1,000,000 used Cost of plastic purchased and used $15,360,000 Number of labor hours worked 336,000 Direct labor cost 4,200,000 $ 1,700,000 393,000 Variable overhead cost Fixed overhead cost 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, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance