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). 12 square foot 0.25 hour $ 0.72 per square foot $ 12.20 per hour $ 1.20 per hour Standard Unit Cost $ 8.64 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($378,000 900,000 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 Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 0.25 hour 1,000,000 11,800,000 $ 8,260,000 245,000 $2,891,000 $318,500 $355,000 Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead. 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 (ie., zero variance). Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 3.05 0.30 0.42