Parker Psostic. incorporated, manufactures plastic mats to use with roing office chairs. its standard cost information for last year follows: Parker Plaste nsd the tonowing actuon renurs for we pas yeru! Required: Caicuiate Parker Piastic's direct materials price and quantity variances. Note: Do not round intermediate calculations. Indicate the effect of eech variance by selecting "f" for favorable, "U" for unfisvorable, and "None" for no effect (t.e., zero variance). Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Parker Plastic had the following actual results for the past year: 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)