Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Item 1 1 2 . 5 points Time Remaining 4 hours 2 5 minutes 3 seconds 0 4 : 2 5 : 0 3 Print

Item 1
12.5 points
Time Remaining 4 hours 25 minutes 3 seconds
04:25:03
Print
Item 1
Time Remaining 4 hours 25 minutes 3 seconds
04:25:03
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 $ 75.00
Direct labor 10 hours $ 15 per hour 150.00
Variable manufacturing overhead (based on direct labor hours)10 hours $ 6 per hour 60.00
Fixed manufacturing overhead ($24,000-: 300 units)80.00
Rip Tide has the following actual results for the month of June:
Number of units produced and sold 330
Number of square feet of fiberglass purchased and used 5,100
Cost of fiberglass used $ 28,560
Number of labor hours worked 3,240
Direct labor cost $ 50,544
Variable overhead cost $ 13,990
Fixed overhead cost $ 25,500
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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Complete Guide Practical Tools For Self Assessment

Authors: Gerardus Blokdyk

1st Edition

0655424571, 978-0655424574

More Books

Students also viewed these Accounting questions