value: 125 points Parker Plastic, Inc., manufactures plastic mats to use with rolling offic Direct materials (plastic) Direct labor Variable manufacturing overhead (based on Standard QuantityStandarc 12 sq t.0.65 0.3 hr.$10.20 p 0.3 hr direct labor hours) $ 0.70 p Fixed manufacturing overhead $352,000 880,000 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 980,000 11,270,000 $ 7,100,100 289,000 S 2,832,200 S 231,200 S 334,000 Required: Calculate Parker Plastic s fixed overhead spending and volume variance favorable/Overapplied and "U" for unfavorable/underapplied.) ype here to search h rolling office chairs. Its standard cost information for last year folldv Standard Unit Cost rd Standard Price (Rate) $ 10.20 per hr. S 0.70 per hr. t S 0.65 per sq. ft. 7.80 3.06 0.21 0.40 t year: 980,000 1,270.000 7,100.100 289,000 2 832.200 231 200 334 000 2,832,200 231,200 334,000 volume variances and its over- or underapplied fixed overhead. (Indic rapplied.)