Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 12 sq ft. 1.8 hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $1,197,000+ 1,140,000 units) Standard Price (Rate) $ 0.79 per sq. ft. $ 11.70 per hr. $ 1.35 per hr. Standard Unit Cost $ 9.48 21.06 2.43 1.05 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 hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,240,000 14,260,000 10,980,200 1,173,000 12,257,850 1,700,850 1,192,000 $ $ $ Required: 1, 2, 3, & 4. Prepare the journal entry to record Parker Plastic's direct materials, direct labor, variable overhead, fixed overhead costs and related variances. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit No Transaction Recorded 2 2 No Transaction Recorded 33 No Transaction Recorded No Transaction Recorded 1 Record entry for direct materials costs and variances. 2 Record entry for direct labor costs and variances. Record the entry for variable overhead costs and variances. 4 Record the entry for fixed overhead costs and variances