Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materiale plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $1,120,000 - 1,120,000 units) Standard Standard Price Standard Quantity (Rate) Unit Cost 12 sq ft. $ 0.78 per sq. ft. $9.36 0.9 hr. $10.80 per hr. 9.72 0.9 hr. $ 1.30 per hr. 1.17 1.00 Parker Plastic had the following actual results for the past year Number of units produced and sold Number of square foot of plastic used Cost of plastie purchased and used Number of labor hours worked Direct labor cont Variable overhead coat Fixed overhead cost 1,220,000 14,030,000 $10,662,800 1.093,000 $11,367,200 $1,530,200 $1,114,000 Required: Calculate Parker Plastic's 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.) Required: Calculate Parker Plastic's 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.) Answer is not complete. Fixed Overhead Spending Variance Fixed Overhead Volume Variance Over- or Underapplied Fixed Overhead