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. $ 0.62 per sq. ft. $ 7.44 Direct labor 0.15 hr. $ 10.05 per hr. 1.51 Variable manufacturing overhead (based on direct labor hours) 0.15 hr. $ 0.55 per hr. 0.08 Fixed manufacturing overhead $205,000 820,000 units) 0.25

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

Number of units produced and sold 920,000 Number of square feet of plastic used 10,580,000 Cost of plastic purchased and used $ 6,348,000 Number of labor hours worked 133,000 Direct labor cost $ 1,283,450 Variable overhead cost $ 86,450 Fixed overhead cost $ 184,000

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.)

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Unit Cost 1.51 0.08 025 Quantity Standard Price (Rate) 12 sq t. 0.62 per sq. t $ 744 Direct matenals (plastic) Direct labor Variable manufacturing overhead based on 0.15 hr 0.15 hr $10.05 per hr $055 per hr. direct labor hours) Fixed manufacluring overhead S205,000 820,000 units) Parker Plastic had the following actual results for the past year: Number of uniis produced and sold Number of square foet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Vanable overhead cost Fixed overhead cost 920 000 10,580,000 5 6,348,000 133.000 5 1,283,450 06.450 $ 184,000 Required Calculate Parker Plastic's flxed overhead spending and volume varlances and Its over- or underapplied fixed overhead. (Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorablelunderapplied.) Fixed Overhead Spending Variance Fixed Overhead Volume Variance Over- or Underapplied Fixed Overhead