Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($270,600 902,000 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 Direct labor cost Number of labor hours worked Variable overhead cost Fixed overhead cost 1,020,000 11,000,000 1,800,000 300,000 $3,000,000 $400,000 $357,000 Standard Quantity 10 square foot 0.25 hour 0.25 hour Standard Unit Standard Price (Rate) Cost $ 0.82 per square foot $8.20 $10.20 per hour 2.55 $1.40 per hour 0.35 0.30 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). Direct Material Price Variance Direct Material Quantity Variance