Rip Tide Company manufactures surfboards. Its standard cost information follows:

Rip Tide has the following actual results for the month of June:
Number of units produced and sold ......... 312
Number of square feet of fiberglass used ...... 4,920
Cost of fiberglass used ............... $27,552
Number of labor hours worked ........... 3,060
Direct labor cost ............... $47,736
Variable overhead cost ............. $14,790
Fixed overhead cost ............. $20,500

Required:
Calculate the following for Rip Tide:
1. Direct materials price, quantity, and spending variances.
2. Direct labor rate, efficiency, and spendingvariances.

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Standard Price Standaro Quantity Standard Unit Cost (Rate) Direct materials (fiberglass) Direct labor Variable manufacturing overhead 15 sq. ft. 10 hrs 10 hrs $5 per sq. ft. $15 per hr $ 6 per hr. 75.00 150.00 60.00 (based on direct labor hours) Fixed manufacturing overhead 80.00 ($24,000 300 units)