Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (plastic) 14 sq ft. $ 0.80 per sq. ft. $11.20 Direct labor 0.25 hr. $12.40 per he. 3.10 Variable manufacturing overhead 0.25 hr. 0.40 $ 1.60 per hr. (based on direct labor hours) Tixed manufacturing overhead 0.56 $519.680 - 928,000 units) es 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 cont Variable overhead cost Fixed overhead cost 1,220,000 12,300,000 $ 8,610,000 326.000 $ 3.912,000 $ 1,240,000 $ 383,000 Required: Calculate Parker Plastic's 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 infunshinintaran Book Him Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underappled variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for Favorable/Overapplied and "U" for Unfavorable/Underapplied.) References Vartble Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance