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Please help! Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 15 sq.

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Rip Tide Company manufactures surfboards. Its standard cost information follows:

Standard Quantity Standard Price (Rate) Standard 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 319
Number of square feet of fiberglass used 4,990
Cost of fiberglass used $ 28,443
Number of labor hours worked 3,130
Direct labor cost $ 48,515
Variable overhead cost $ 15,490
Fixed overhead cost $ 24,950

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 (i.e., zero variance).)

Variable Overhead Rate Variance F
Variable Overhead Efficiency Variance F
Variable Overhead Spending Variance F

Calculate the fixed overhead spending (budget) and volume 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 (i.e., zero variance).)

Fixed Overhead Spending Variance
Fixed Overhead Volume Variance

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