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 sqft $1.45 per sq. ft. 0.hr $11.90 per hr 0.3 hr. $ 2.50 per hr Standard Unit Cost 17.40 3.52 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5461,000+ 922,000 units) 0.69 0.50 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 1,160,000 12,000,000 $ 16,800,000 320,000 53,744,000 $1,100,000 5 377,000 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. "U" for unfavorable, and "None" for no effect (.e., zero variance).) 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, "U" for unfavorable, and "None" for no effect (.e. zero variance).) Answer is not complete. X Variable Overhead Rate Varance Vanable Overhead Efficiency Variance Variable Overhead Spending Varance $ $ 64 000 XF 333,200 XF