Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs Its standard cost information for last year follows Quanity Standard Price (Rate) Unit Direct materials (plastic) Direct labor Variable manufacturing overhead (based on 12 sqft $ 1.00 per sq 12.80 per hr $ 0.25 hr 0.25 hr. 200 per h 3.20 0.50 direct labor hours) Fixed manufacturing overhead $559 200 932,000 units) 0.60 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 1.260,000 12,500,000 11,250.000 330,000 4,026.000 1,480,000 387.000 Required Caloulate Parker Plastic's direct materials price and quantity variances (Do not round intermediate calculations. Indicate the offect of each variance by selecting "P" for favorable, U" for unfavorable. Direct Material Price Varianc Direct Material Quantity Variance