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

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

$\backslash$table$[[$Direct materials,Standard Quantity,Standard Price $($Rate$),$Standard Unit Cost$],[$Direct labor,$10$ square foot,$ $1\mathrm{.}13,$per square foot,$ $11\mathrm{.}30],[$Variable manufacturing overhead $($based on direct labor hours$),0\mathrm{.}3$ hour,$ $11\mathrm{.}20,$per hour,$3\mathrm{.}36],[$Fixed manufacturing overhead $($ $$422,280918,000$ units$),0\mathrm{.}3$ hour,$ $3\mathrm{.}00,$per hour,$0\mathrm{.}900\mathrm{.}46]]$

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

$\backslash$table$[[$Number of units produced and sold,$1,120,000$