value: 5.00 polnts E9-8 Calculating Variable Overhead Varlances [LO 9-5] Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs Its standard cost information for las Standard Unit Cost 4.05 0.39 0.66 Standard QuantityStandard Price (Rate) 1.30 per sq. ft $11.70 9 sq ft 0.3 hr Direct materials (plastic) S 13.50 per hr Direct labor Variable manufacturing overhead (based on 0.3 hr Fixed manufacturing overhead $619,080+ 1.30 per hr direct labor hours) 938,000 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 Number of labor hours worked Direct labor cost Variable overhead cost Fbxed overhead cost 1,000,000 12,800,000 S 15,360,000 336,000 S 4.200,000 S 1,700,000 S 393,000 Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied Variable Overhead Rate Variance Variable Overhead Emiciency Variance Variable Overhead Spending Variance $ (1,263,024) Hints References eBook & Resources Hint 1