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 15579,080 - 334,000 unita) Standard Standard price Standard Quantity (Kate) Unit Cont 12 sq ft. $ 1.10 per sq. ft. $13.20 0.25 hr. $13.20 per hr. 3.36 0.25 h. $ 2.20 per hr. 0.55 0.62 Parker Plastic had the following actual results for the past year. umber of units produced and hold Number of square feet of plastic used Coat of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead coat Fixed overhead cost 1,200,000 12,600,000 $12,600,000 332,000 $6,003,600 $1,589,000 5 389,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "p" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variancel.) Answer is complete but not entirely correct. S Direct Labor Rate Variance Direct Labor Efficiency Variance 1.275F 2.400 U 00 S