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) 10 sq ft. $ 1.40 per sq. ft. $ 14.00 Direct labor 0.3 hr. $ 13.70 per hr. 4.11 Variable manufacturing overhead (based on direct labor hours) 0.3 hr. $ 1.50 per hr. 0.45 Fixed manufacturing overhead ($639,200 940,000 units) 0.68 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,020,000 Number of square feet of plastic used 12,900,000 Cost of plastic purchased and used $ 16,770,000 Number of labor hours worked 338,000 Direct labor cost $ 4,258,800 Variable overhead cost $ 1,760,000 Fixed overhead cost $ 395,000 Required: Calculate Parker Plastics variable overhead rate and efficiency variances and its over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorable/underapplied.)