Parker Plastic. Inc., manufactures plastic mats to use with rolling omice chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) 12 sqft S 0.76 persq. ft 0.8 hr 08 hr Standard Unit Cost 8.56 0.96 0.90 $ 9.12 Direct materials (plastic) Direct labr S 10.70 per hr S 120 per hr Varlable manufacturing overhead (based on direct labor hours Fbxed manufacturing overhead S972,000 1,080,000 units) Parker Plastic had the following actual results for the past year Number ol units produced and sold Number of squara feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fbxed ovarhead cost 1,180,000 13,570,000 10,041800 939,000 5 9,671,700 1,220,700 $ 964,000 Required Calculate Parker Plastic's 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.) Fixed Overhead Spending Variance Fored Overhead Volume Variance Over-or Underapplied Fed Overhead