Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard QuantityStandard Price (Rate) 12 sq ft. 0.83 per sq. ft 0.25 hr Unit Cost $ 9.96 2.62 Direct materials (plastic) Direct labor $ 10.50 per hr. Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $345,800 + 910,000 units) $ 2.20 per hr 0.25 hr 0.55 0.38 Parker Plastic had the following actual results for the past year: 1,040,000 11,400,000 $ 9,120,000 308,000 $ 3,449,600 $689,000 $ 365,000 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 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Direct Material Price Variance Direct Material Quantity Variance