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

Standard QuantityStandard Price (Rate)Standard Unit CostDirect materials (fiberglass)15sq. ft.$5per sq. ft.$75.00Direct labor10hrs.$15per hr.150.00Variable manufacturing overhead (based on direct labor hours)10hrs.$6per hr.60.00Fixed manufacturing overhead ($24,000 300 units)80.00

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

Number of units produced and sold317Number of square feet of fiberglass used4,970Cost of fiberglass used$27,335Number of labor hours worked3,110Direct labor cost$48,827Variable overhead cost$15,290Fixed overhead cost$24,850

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.

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 (i.e., zero variance).)