Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Quantity (Rate) 15 sq. ft. $ 5 per sq. ft. 10 hrs. $15 per hr. Standard Unit Cost $ 75.00 150.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 + 300 units) 10 hrs. $ 6 per hr. 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 322 5,020 $28,614 3,160 $48, 980 $15,790 $25,100 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide. Required 1 Required 2 Required 3 Required 4 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, and "None" for no effect (1.e., zero variance):) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Required 1 Required 2 Required 3 Required 4 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, and "None" for no effec (l.e., zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance Required 1 Required 2 Required 3 Required 4 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 (le, zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Required 1 Required 2 Required 3 Required 4 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
