E$9-8($Algo$)$ Calculating Direct Materials Variances $[$L$09-3]$

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

$\backslash$table$[[,,,],[$Direct materials $($plastic$),$Standard Quantity,Standard Price $($Rate$),$Standard Unit$],[$Direct labor,$10$ square foot,$$0\mathrm{.}82,$per square foot$],[$Variable manufacturing overhead $($based on direct labor hours$),0\mathrm{.}25$ hour,$0\mathrm{.}25$ hour,$$10\mathrm{.}20$ per hour$],[$Fixed manufacturing overhead units$),,$$$1\mathrm{.}40$ per hour,$]]$

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

$\backslash$table$[[$Number of units produced and sold,$1,020,000$