PA9-9 Calculating Direct Materials, Direct Labor Variances [LO 9-3, 9-4 Rip Tide Company manufactures surfboards. its standard cost information follows: Standard Standard Price (Rate) 5 per sq.ft. $ 15 per hr 6 per hr Standard Quantity 15 sq.ft 10 hrs. 10 hrs Unit Cost $ 75.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000+300 units) 150.00 60.00 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 329 5,090 $27.995 3,230 $ 50,711 $ 14,090 $19,800 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 MacBook 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 References eBook & Resources MacBook Air