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Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost...

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Accounting

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Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows Direct materiais (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead 11.045,000 1.100.000 units) Standard Standard Quantity Standard Price (Bate) Unit Cost 12 st. 50.77 per sq.ft $9.24 0.15 h $10.75 per hr 9.14 0.05 h $ 1.25 per hr 1. 2.95 Parker Plastic had the following actual results for the past year. Number of units produced and sold Number of sefer of plastic wed Cast of plastic purchased and used Number of labor hours world Direct labor cost Variable overhead cost Find overhead cost 1.200.000 13,000.00 $ 10,350,000 1.015.000 5 10.505.25 $ 1,120.25 5 1.050,000 Required: Calculate Parker Plastic's foed overhead spending and volume variances and its over or underapplied fred overhead (Indicate the effect of each variance by selecting for favorable/Overapplied and "U" for unfavorable underapplied Fixed Overhead Spending Variance Feed Overhead Volume Vene Over or Underapplied Overhead

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