Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($301.000 - 860,000 units) Standard Standard Price Standard Quantity (Rate) Unit Cost 12 sq ft. $ 0.64 per sq. ft. 57.68 8.4 hr. $10.30 per hr. 4.12 2.4 hr. $ 0.65 per hr. 0.26 0.35 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 960,000 11,840,000 $ 6,844,800 235,000 $ 2,291,250 $ 176,250 $ 282,800 Required: 1. 2., 3., & 4. Prepare the journal entry to record Parker Plastic's direct materials, direct labor, variable overhead, fixed overhead costs and related variances. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet