Parker Plastic had the following actual results for the past year:
Number of units produced and sold
1,220,000
Number of square feet of plastic used
11,200,000
Cost of plastic purchased and used
$
6,720,000
Number of labor hours worked
305,000
Direct labor cost
$
3,233,000
Variable overhead cost
$
540,000
Fixed overhead cost
$
361,000
Required: Calculate Parker Plastics direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.)
Answer & Explanation
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