Item$1$

$12\mathrm{.}5$

points

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

Standard Quantity Standard Price $($Rate$)$ Standard Unit Cost

Direct materials $($fiberglass$)15$ square feet $ $5$ per square feet $ $75\mathrm{.}00$

Direct labor $10$ hours $ $15$ per hour $150\mathrm{.}00$

Variable manufacturing overhead $($based on direct labor hours$)10$ hours $ $6$ per hour $60\mathrm{.}00$

Fixed manufacturing overhead $($$$24,000-$: $300$ units$)80\mathrm{.}00$

Rip Tide has the following actual results for the month of June:

Number of units produced and sold $329$

Number of square feet of fiberglass purchased and used $5,090$

Cost of fiberglass used $ $27,995$

Number of labor hours worked $3,230$

Direct labor cost $ $50,711$

Variable overhead cost $ $14,090$

Fixed overhead cost $ $25,450$

Required:

Calculate the direct materials price, quantity, and total spending variances for Rip Tide.

Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide.

Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide.

Calculate the fixed overhead spending $($budget$)$ and volume variances for Rip Tide.