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.	$	0.72	per sq. ft.		$8.64
Direct labor	0.25	hr.	$	12.20	per hr.		3.05
Variable manufacturing overhead (based on direct labor hours)	0.25	hr.	$	1.20	per hr.		0.30
Fixed manufacturing overhead ($378,000 900,000 units)							0.42

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

Number of units produced and sold		1,000,000
Number of square feet of plastic used		11,800,000
Cost of plastic purchased and used	$	8,260,000
Number of labor hours worked		245,000
Direct labor cost	$	2,891,000
Variable overhead cost	$	318,500
Fixed overhead cost	$	355,000

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, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Price Quantity (Rate) 12 sq ft. $ 0.72 per sq. ft. 0.25 hr. $12.20 per hr. Standard Unit Cost $8.64 3.05 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($378,000 - 900,000 units) 0.25 hr. $ 1.20 per hr. 0.30 0.42 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 cost Variable overhead cost Fixed overhead cost 1,000,000 11,800,000 $ 8,260,000 245,000 $ 2,891,000 $ 318,500 $ 355,000 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, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) $ 24,500U Fixed overhead spending variance Fixed overhead volume variance Over-or Underapplied fixed overhead