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 Direct materials (plastie Direct labar Variable manufacturing overhead (based on direct labor hours) Pixed mangfacturing overhead $500,040 = 926,000 units) Standard Standard Price standard Quantity lates Unit Cost 13 st. 5 0.70 per mq. ft. $ 9.10 3.25 he. $12.20 per hr 3.05 0.25 le. $ 1.40 per hr 0.35 0.54 Parker Plastic had the following actual results for the past year Number of units produced and sold Bumber of square feet of plantic wed cout of plastio purchased and used Number of labor hours worked Direct labor coat Variable overhead coat Fixed overhead cost 1,200,000 12,200,000 $ 7,320,000 324.000 53,855,600 $1,300,000 $ 381,000 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 (.e., zero variance).) Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5500,040 - 926,000 units) 13 sq ft. $ 0.70 per sq. ft. $ 9.10 0.25 hr. $12.20 per hr. 3.05 0.25 hr. $ 1.40 per hr. 0.35 0.54 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 1,200,000 12,200,000 $ 7,320,000 324,000 $ 3,855,600 $ 1,300,000 5 381,000 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 (l.e., zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance