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 Standard Price (Rate) Unit Cost Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on Quantity 10 hrs. 10 hrs 13.2 sq. ft $4.3 per sq. ft. $ 14 per hr. $ 6 per hr. 56.76 140.00 60.00 direct labor hours) Fixed manufacturing overhead ($21,000 82.35 255 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 190 4.200 $20,160 1,820 $26,754 $10,556 $21,500 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 n any ending inventories. (If no entry is required for a transactionlevent, select "No Jounal Entry Required" in the first account field. Do not round intermediate calculations and ro your final answers to nearest dollar amount.)