Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (plastic)	12	sq ft.	$	0.66	per sq. ft.	$	7.92
Direct labor	0.35	hr.	$	10.25	per hr.		3.59
Variable manufacturing overhead (based on direct labor hours)	0.35	hr.	$	0.75	per hr.		0.26
Fixed manufacturing overhead $405,000 900,000 units)							0.45

Parker Plastic had the following actual results for the past year:

Number of units produced and sold		1,000,000
Number of square feet of plastic used		11,500,000
Cost of plastic purchased and used	$	7,360,000
Number of labor hours worked		345,000
Direct labor cost	$	3,398,250
Variable overhead cost	$	293,250
Fixed overhead cost	$	388,000

Required: Calculate Parker Plastics 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.)