Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastie) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $1,045,000 + 1,100,000 units) Standard Standard Price Quantity (Rate) 12 sq ft. $ 0.77 per sq. ft. 0.85 hr. $10.75 per hr 0.85 hr. $ 1.25 per hr Standard Unit Cost $ 9.24 9.14 1.06 0.95 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 plastie purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,200,000 13,800,000 $10,350,000 1,015,000 $ 10,505,250 $ 1,370,250 $ 1,038,000 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.) Fixed Overhead Spending Variance Fixed Overhead Volume Variance Over- or Underapplied Fixed Overhead work 9 Saved Help SE Haives Manufacturing Company (HMC) bases its fixed overhead rate on practical capacity of 98,000 units per year. Budgeted and actual results for the most recent year follow: Budgeted Actual Fixed manufacturing overhead $ 759,500 $ 740,000 Number of units produced 88,000 93,000 sed Required: 1. Calculate the fixed overhead rate based on practical capacity for HMC. (Round your answer to 2 decimal place.) ok Foxed Overhead Rate per unit ences 2. Calculate the fixed overhead spending variance for HMC (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Foxed Overhead Spending Variance