Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standarc QuantityStandard Price (Rate) Standarc Unit Cost 2.60 0.40 0.32 Direct materials (plastic) Direc labor Variable manufacturing overhead (based on $0.92 per sq. ft. $ 10.40 per hr $ 8.28 9 sq ft. 0.25 hr 025 hr $ 1.60 per hr direct labor hours) Fixed manufacturing overhead $289,280 804,000 unils) 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 haurs worked Direct labor cost Variable overhead cost Fixed overhead oost 1,200,000 11.100,000 $ 9,990,000 302,000 $ 3,110,600 S 496,000 $ 359,000 Required Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Direct Material Price Variance Direct Material Quantity Variance