E9-9 (Algo) Calculating Direct Labor Variances (LO 9-4] $ 9.10 Parker Plastic, Inc., manufactures plastic mats to use wi

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E9 9 Algo Calculating Direct Labor Variances Lo 9 4 9 10 Parker Plastic Inc Manufactures Plastic Mats To Use Wi 1 (47.87 KiB) Viewed 40 times

E9-9 (Algo) Calculating Direct Labor Variances (LO 9-4] $ 9.10 Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for Standard Standard Quantity Standard Price (Rate) Unit Cost Direct materials (plastic) 13 sq ft. $ 0.70 per sq. ft. Direct labor 0.25 hr. $12.20 per hr 3.85 Variable manufacturing overhead 0.25 hr. 0.35 (based on direct labor hours) $ 1.40 per hr. Fixed manufacturing overhead 8.54 ($500,848 + 926,000 units) Parker Plastic had the following actual results for the past year: ces 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 Fixed overhead cost 1,200,000 12,200,000 $ 7,320,000 324,000 $ 3,855,600 $ 1,300,000 $ 381,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. (Do not round Intermediate calculations. I each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variang Direct Labor Rate Variance Direct Labor Efficiency Variance I.