PA9-10 Preparing Journal Entries to Record Direct Materials, Direct Labor, Variable Manufacturing Overhead Variances [LO 9-S2] Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Quantity Standard Unit Cost $ 97.52 114.40 44.00 Standard Price (Rate) Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on 18.4 sq. ft 8.8 hrs $5.3 per sq. ft. $13 per hr 8.8 hrs $ 5 per hr direct labor hours) Fixed manufacturing overhead ($29,000 92.06 315 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 used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 180 4,000 $24,000 1,514 $20,893 $ 6,964 $23,500 Required: 1 & 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations and round your final answers to nearest dollar amount.) Journal entry worksheet 2 Record the entry for direct materials costs and variances Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 Record the entry for direct labor costs and variance. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal