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. $ 0.64 per sq. ft. $ 7.68 Direct labor 0.25 hr. $ 10.15 per hr. 2.54 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 0.65 per hr. 0.16 Fixed manufacturing overhead $301,000 860,000 units) 0.35 Parker Plastic had the following actual results for the past year: Number of units produced and sold 960,000 Number of square feet of plastic used 11,040,000 Cost of plastic purchased and used $ 6,844,800 Number of labor hours worked 235,000 Direct labor cost $ 2,291,250 Variable overhead cost $ 176,250 Fixed overhead cost $ 282,000 Required: Calculate Parker Plastics fixed overhead spending and volume variances and its over- or underapplied fixed overhead. (Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorable/underapplied.)