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$[[,$Standard Quantity,Standard Price $($Rate$),$Standard Unit Cost$],[$Direct materials $($plastic$),8$ square foot,$ $1\mathrm{.}20,$per square foot,$],[$Direct labor,$0\mathrm{.}3$ hour,$ $13\mathrm{.}30,$per hour,$3\mathrm{.}99],[$Variable manufacturing overhead $($based on direct labor hours$),0\mathrm{.}3$ hour,$ $2\mathrm{.}40,$per hour,$0\mathrm{.}72],[$Fixed manufacturing overhead $($ $$599,040936,000$ units$),0\mathrm{.}3$ hour,,,$0\mathrm{.}64]]$

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

$\backslash$table$[[$Number of units produced and sold,$1,300,000$