rep E9-8 (Algo) Calculating Direct Materials Variances (LO 9-3) Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastie) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $559,200 +932,000 units) Standard Standard Price Quantity (Rate) 12 sq ft. $ 1.00 per sq. ft. 0.25 hr. $12.80 per hr. 0.25 hr. $ 2.00 per hr. Standard Unit Cont $12.00 3.20 0.50 0.60 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 plastie purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,260.000 12,500.000 $11,250,000 330,000 $ 4,026,000 $ 1,480,000 $ 387,000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect fi.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance E9-8 (Algo) Calculating Direct Materials Variances (LO 9-3] Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Price Standard Quantity (Rate Uit Cout Direct materiale plastie 12 ft. 91.00 per ft. $12.00 Direct lahor $12.0 per her 3.20 Variable manufacturing overhead (based on direct aber hour) 0.25 kr. $ 2.00 per hr 0.50 Fixed manufacturing overhead 0.60 5559,200 - 933,000 unit) Parker Plastic had the following actual results for the past year: Nanber of units produced and sold Number of square feet of plastic used cost of plastie purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead coat 1.260.000 12.500.000 $11.250.000 130.000 14.026,000 $ 1.410.000 5 387,000 Required: Calcutate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance)) Direct Material Price Variance Direct Material Only variance