E$9-11($Algo$)$ Calculating Fixed Manufacturing Overhead Spending, Volume Variances $[$LO $9-$S$1]$

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:

Standard Quantity Standard Price $($Rate$)$ Standard Unit Cost

Direct materials $($plastic$)12$ square foot $ $0\mathrm{.}78$ per square foot $ $9\mathrm{.}36$

Direct labor $0\mathrm{.}9$ hour $ $10\mathrm{.}80$ per hour $9\mathrm{.}72$

Variable manufacturing overhead $($based on direct labor hours$)0\mathrm{.}9$ hour $ $1\mathrm{.}30$ per hour $1\mathrm{.}17$

Fixed manufacturing overhead $($$$1,120,000-$: $1,120,000$ units$)1\mathrm{.}00$

Parker Plastic had the following actual results for the past year:

Number of units produced and sold $1,220,000$

Number of square feet of plastic used

$14,030,000$

Cost of plastic purchased and used $ $10,662,800$

Number of labor hours worked $1,093,000$

Direct labor cost $ $11,367,200$

Variable overhead cost $ $1,530,200$

Fixed overhead cost $ $1,114,000$

Required:

Calculate Parker Plastic$$s fixed overhead spending and volume variances and its over$-$ or underapplied fixed overhead.

Note: Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).$