2 total entries

Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (522,000 300 units) Standard Standard Price Quantity (Rate) 16.4 sq. ft. 54.6 per sq. ft. 9.3 hrs. 5 15 per hr 9.3 hrs. $6 per hr. Standard Unit Cost $ 75.44 139.50 55.30 73.33 Rip Tide has the following actual results for the month of June 190 Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 4,700 $24,440 1,677 $26,329 $ 9,391 $21,500 Required: 18 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide Assume the company purchases raw materials as needed and does not maintain any ending inventories. Of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations ond round your final answers to nearest dollar amount.) View transaction list