Calculate parker plastic variable overhead rate

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Reference no: EM132119569

Question - Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost

Direct materials (plastic) 10 sq ft. $ 0.82 per sq. ft. $ 8.20

Direct labor 0.25 hr. $ 10.20 per hr. 2.55

Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 1.40 per hr. 0.35

Fixed manufacturing overhead $270,600 902,000 units) 0.30

Parker Plastic had the following actual results for the past year:

Number of units produced and sold 1,020,000

Number of square feet of plastic used 11,000,000

Cost of plastic purchased and used $ 8,800,000

Number of labor hours worked 300,000

Direct labor cost $ 3,000,000

Variable overhead cost $ 400,000

Fixed overhead cost $ 357,000

Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead.

Reference no: EM132119569

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