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

Standard Quantity

Standard Price (Rate)

Standard Unit Cost

Direct materials (fiberglass)

14.1

sq. ft.

$

5.2

per sq. ft.

$

73.32

Direct labor

8.2

hrs.

$

14

per hr.

114.80

Variable manufacturing overhead (based on direct labor hours)

8.2

hrs.

$

6

per hr.

49.20

Fixed manufacturing overhead ($24,000 260 units)

92.31

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

Number of units produced and sold		180
Number of square feet of fiberglass used		4,800
Cost of fiberglass used	$	27,840
Number of labor hours worked		1,406
Direct labor cost	$	20,387
Variable overhead cost	$	7,592
Fixed overhead cost	$	21,500
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.)