Rip Tide Company manufactures surfboards. Calculate and interpret the direct materials price and quantity variances

Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Standard PriceStandard (Rate) Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 300 units) Quantity 15 sq.ft 10 hrs 10 hrs Unit Cost 75.00 150.00 60.00 $ 5 per sqft. $ 15 per hr. $ 6 per hr 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 314 4,940 $27,170 3,080 $48,356 $ 14,990 $ 20,700 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