Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) 13 square foot $0.70 per square foot 0.25 hour $12.20 $ 1.40 per hour per hour Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($500,040 926,000 units) 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 i Number of Labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,200,000 12,200,000 $ 7,320,000 324,000 $ 3,855,600 $1,300,000 $ 381,000 0.25 hour Required: Calculate Parker Plastic's direct materials price and quantity variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Material Price Variance Direct Material Quantity Variance Standard Unit Cost $ 9.10 3.05 8.35 0.54