Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last yearfollows:Direct materials (plastic)Direct laborVariable manufacturing overhead (based on direct labor hours)Fixed manufacturing overhead ($500,040 926,000 units)Parker Plastic had the following actual results for the past year:Number of units produced and soldNumber of square feet of plastic usedCost of plastic purchased and usedNumber of Labor hours workedDirect labor costVariable overhead costFixed overhead cost1.200,00012,200,000$7,320,000324,000$3,855,600$1,300,000$ 381,000Required:Calculate Parker Plastic's direct labor rate and efficiency variancesDirect Labor Rate VarianceDirect Labor Efficiency VinceStandard Quantity13 square foot0.25 hour0.25 hourStandard Price (Rate)$ 0.70 per square foot$ 12.20 per hour$ 1.40 per hourNote: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (.e., zero variance).Check my workStandard UnitCost$9.103.050.350.54

Name: Parker Plastic, Incorporated, manufactures plastic mats to use with r
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last yearfollows:Direct materials (plastic)Direct laborVariable manufacturing overhead (based on direct labor hours)Fixed ma