Rip Tide Company manufactures surfboards Its standard cost information follows Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 15 4 sq ft $ 5 8 per sq ft $ 89 32 Direct labor 10 9 hrs $ 12 per hr 130 80 Variable manufacturing overhead (based on direct labor hours) 10 9 hrs $ 6 per hr 65 40 Fixed manufacturing overhead ($27,000 300 units) 90 00 Rip Tide has the following actual results for the month of June Number of units produced and sold 190 Number of square feet of fiberglass used 5,600 Cost of fiberglass used $ 35,840 Number of labor hours worked 1,981 Direct labor cost $ 25,159 Variable overhead cost $ 11,094 Fixed overhead cost $ 28,500 Required 1 2 Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide Assume the company purchases raw materials as needed and does not maintain any ending inventories (If no entry is required for a transaction event, select No Journal Entry Required in the first account field Do not round intermediate calculations and round your final answers to nearest dollar amount )

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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) 15.4 sq. ft. $

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

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (fiberglass)	15.4	sq. ft.	$	5.8	per sq. ft.	$	89.32
Direct labor	10.9	hrs.	$	12	per hr.		130.80
Variable manufacturing overhead (based on direct labor hours)	10.9	hrs.	$	6	per hr.		65.40
Fixed manufacturing overhead ($27,000 300 units)							90.00

Rip Tide has the following actual results for the month of June:


Number of units produced and sold		190
Number of square feet of fiberglass used		5,600
Cost of fiberglass used	$	35,840
Number of labor hours worked		1,981
Direct labor cost	$	25,159
Variable overhead cost	$	11,094
Fixed overhead cost	$	28,500

Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations and round your final answers to nearest dollar amount.)