Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (plastic)	12	sq ft.	$	0.68	per sq. ft.	$	8.16
Direct labor	0.8	hr.	$	10.70	per hr.		8.56
Variable manufacturing overhead (based on direct labor hours)	0.8	hr.	$	0.85	per hr.		0.68
Fixed manufacturing overhead $517,000 940,000 units)							0.55

Parker Plastic had the following actual results for the past year:

Number of units produced and sold		1,040,000
Number of square feet of plastic used		11,960,000
Cost of plastic purchased and used	$	7,893,600
Number of labor hours worked		463,000
Direct labor cost	$	4,606,850
Variable overhead cost	$	439,850
Fixed overhead cost	$	502,000

Required: 1, 2, 3, & 4. Prepare the journal entry to record Parker Plastic's direct materials, direct labor, variable overhead, fixed overhead costs and related variances. Assume the company purchases raw materials as needed and does not maintain any ending inventories.

1. Record entry for direct materials costs and variances.

2. Record entry for direct labor costs and variances.

3. Record the entry for variable overhead costs and variances.

4. Record the entry for fixed overhead costs and variances.