Parker Plastic, Inc, manufactures plastic mats to use with rolling office chairs. lts standard cost information for last year follows Standard Standard Price (Rate) Unt C Quantty 12 sq ft0.72 per sq. ft Direct materials (plastic) Direct labor Variable manufacturing overhead (based on 58.64 0.25 hr $ 1220 per hr 3.05 0.30 0.42 direct labor hours) 0.25 hr S 1.20 per hr Foxed manufacturing overhead ($378,000 900,000 unts) 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 S 8,260,000 245,000 S 2,891,000 S318,500 S355,000 Required: Calculate Parker Plastic's variable overhead rate and efficien calculations. Indicate the effect of each variance by selecting "F for favorablelOverapplied and "U" for unfavorablelunderapplied.) C y variances and its over- or underapplied variable overhead (Do not round intermediate Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance