Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($422,280 +918,000 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 1,120,000 11,800,000 $ 14,160,000 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 316,000 $ 3,634,000 $ 960,000 $ 373,000 Standard Quantity 10 square foot 0.3 hour 0.3 hour Required: 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 (i.e., zero variance). U F F Standard Price (Rate) $ 1.13 per square foot $ 11.20 per hour $ 3.00 per hour Standard Unit Cost $ 11.30 3.36 0.90 0.46

Parker Plastic had the following actual results for the past year: Required: Calculate Parker Plastic's variable ovprhead rate and efficiency variances and its over-or underappled variable overhead. Note: Do not round intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (lie, zero variance)