E9-9 (Algo) Calculating Direct Labor Variances (LO 9-4) 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 (Rate) Unit Cont Direct naterials (plastic) 10 sq ft. $ 1.13 per sq. ft. $11.30 Direct labor 0.3 hr. $11.20 per hr. 3.36 Variable manufacturing over hend (based on direct labor hours) 0.3 hr. $ 3.00 per hr. 0.90 Fixed manufacturing overhead 0.46 (5422,280 - 918,000 unita) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastie uued Coat of plastie purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Pixed overhead cout 1.120,000 11,400,000 $ 14, 160,000 316,000 $ 3,634,000 $ 960,000 $ 373,000 Required: Calculate Parker Plastic's direct labor rate and efficiency 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 fi.e, zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance