Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($21,000 280 units) Standard Quantity 12.7 sq. ft. 10.2 hrs. Standard Price (Rate) Standard Unit Cost $5.1 per sq. ft. $ 13 per hr. $ 64.77 132.60 10.2 hrs. $ 8 per hr. 81.60 75.00 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 160 5,100 $28,560 1,562 $21,399 $11,871 $27,500 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 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.) View transaction list Journal entry worksheet < 1 2 Record the entry for direct materials costs and variances. Note: Enter debits before credits. Transaction General Journal Debit Credit