PA9-9 Calculating Direct Materials, Direct Labor Variances [LO 9-3, 9-4] Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Unit Cost 75.00 150.00 60.00 Standard Standard Price (Rate) Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on Quantity 15 sq. ft. 10 hrs S 5 per sq. ft. $15 per hr 10 hrs $6 per hr direct labor hours) Fixed manufacturing overhead ($24,000 80.00 300 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 325 5,050 $28,785 3,190 $49,445 $14,490 $20,200 Required: 1. 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.) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance 2. 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, "U" for unfavorable.) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance