PA9-7 (Algo) Calculating Direct Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances (LO 9-3, 9-4, 9-5, 9-S1) Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (fiberglass) 15 sq. ft. $5 per sq. ft. $ 75.00 Direct labor 10 hrs. $15 per hr. 150.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $ 6 per hr. 60.00 Fixed manufacturing overhead ($24,600 + 300 units) 88.00 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 328 5,080 $28,956 3,220 $49,910 $14, 190 $25,400 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the direct materials price, quantity, and total spending variances for Rip Tide (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Required 2 > PA9-7 (Algo) Calculating Direct Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances [LO 9-3, 9-4, 9-5, 9-S1) Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (fiberglass) 15 sq. ft. $5 per sq. ft. $ 75.00 Direct labor 10 hrs. $15 per hr. 150.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $ 6 per hr. 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 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 328 5,080 $28,956 3,220 $49,910 $14, 190 $25,400 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide, 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F* for favorable, "Ufor unfavorable, and "None' for no effect (ie, zero variance).) Direct Labor Rate Variance Direct Labor Eficiency Variance Direct Labor Spending Varance Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances (LO 9-3, 9-4, 9-5, 9-S1) Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (fiberglass) 15 sq. ft. $5 per sq. ft. $ 75.00 Direct labor 10 hrs. $15 per hr. 150.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $6 per hr. 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 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 328 5,080 $28,956 3,220 $49,910 $14, 190 $25,400 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide, 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the faced overhead spending (budget) and volume variances for Rip Tide. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and None' for no effect (1.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance PA9-7 (Algo) Calculating Direct Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances [LO 9-3, 9-4, 9-5, 9-S1) Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (fiberglass) 15 sq. ft. $5 per sq. ft. $ 75.00 Direct labor 10 hrs. $15 per hr. 150.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $ 6 per hr. 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 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 328 5,080 $28,956 3,220 $49,910 $14, 190 $25,400 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. (Do not found your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, 'U' for unfavorable, and "None" for no effect (.e., zero variance).) Fixed Overhead Spending Variance Fixed Overhead Volume Varance