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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 square feet $ per square feet $
Direct labor hours $ per hour
Variable manufacturing overhead based on direct labor hours hours $ per hour
Fixed manufacturing overhead $: units
Rip Tide has the following actual results for the month of June:
Number of units produced and sold
Number of square feet of fiberglass purchased and used
Cost of fiberglass used $
Number of labor hours worked
Direct labor cost $
Variable overhead cost $
Fixed overhead cost $
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.
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