E9-8 (Algo) Calculating Direct Materials Variances [LO 9-3] Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. its standard cost information for last year follows: Parker Plastic had the following actual results for the past year: Required: Calculate Parker Plastic's direct materials price and quantity variances: Note: 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, tero variance)