Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Standard Price Unit Quantity (Rate) Cost 13 sg $ 0.93 per sq. ft. ft. $12.09 0.3 hr. $10.90 per hr. 3.27 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $364,800 + 912,000 units) 0.3 hr. $ 2.40 per hr. 0.72 0.40 Parker Plastic had the following actual results for the past year: 1,060,000 11,500,000 Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost $10,350,000 310,000 $ 3.565.000 Prey 1 of 2 Next > Help 912,000 units) Parker Plastic had the following actual results for the past year: 1,060,000 11,500,000 Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost $10,350,000 310,000 $ 3,565,000 $ 780,000 $ 367,000 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, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Standard Price Unit Quantity (Rate) Cost sg $ 0.70 per sq. ft. $ 9.10 0.25 hr. $12.20 per hr. 3.05 13 ft. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($500,040 + 926,000 units) 0.25 hr. $ 1.40 per hr. 0.35 0.54 Parker Plastic had the following actual results for the past year: 1,200,000 12,200,000 Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost $ 7,320,000 324,000 $ 3.855.600 Parker Plastic had the following actual results for the past year: 1,200,000 12,200,000 Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost $ 7,320,000 324,000 $ 3,855,600 $ 1,300,000 $ 381,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance
