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

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (fiberglass)	10.2	sq. ft.	$	4.6	per sq. ft.	$	46.92
Direct labor	9.5	hrs.	$	13	per hr.		123.50
Variable manufacturing overhead (based on direct labor hours)	9.5	hrs.	$	5	per hr.		47.50
Fixed manufacturing overhead ($37,000 305 units)							121.31

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

Number of units produced and sold		160
Number of square feet of fiberglass used		5,900
Cost of fiberglass used	$	30,680
Number of labor hours worked		1,460
Direct labor cost	$	20,002
Variable overhead cost	$	6,570
Fixed overhead cost	$	21,500

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.)

Record the entry for direct materials costs and variances. Record the entry for direct labor costs and variance.