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)	14	sq ft.	$	0.80	per sq. ft.	$	11.20
Direct labor	0.25	hr.	$	12.40	per hr.		3.10
Variable manufacturing overhead (based on direct labor hours)	0.25	hr.	$	1.60	per hr.		0.40
Fixed manufacturing overhead $519,680 928,000 units)							0.56

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

Number of units produced and sold		1,220,000
Number of square feet of plastic used		12,300,000
Cost of plastic purchased and used	$	8,610,000
Number of labor hours worked		326,000
Direct labor cost	$	3,912,000
Variable overhead cost	$	1,240,000
Fixed overhead cost	$	383,000

Required: Calculate Parker Plastics variable overhead rate and efficiency variances and its over-or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting"F for Favorable Overapplied and "U" for Unfavorable/Underapplied.) Variable Overhead Rate Variance Vanable Overhead Efficiency Variance Variable Overhead Spending Variance