Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Quantity 14 59. ft. 9.6 hrs. 9.6 hrs. Direct materials (fiberglass) Direct labor Var Lable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $31,000+ 320 units) Standard Price (Rate) 5 5 per sq. ft. $14 per hr. 57 per hr. Standard Unit Cost $70.00 134.49 67.20 96.88 Rip Tide has the following actual results for the month of June Number of units produced and sold umber of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Find overhead cost 160 5,200 $29,120 1,466 $21,550 $ 9,676 127,500 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 of no entry is required for 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.) ALL Variable overhead cost Fixed overhead cost $9,676 $27,500 Cequired: & 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.) View transaction list Journal entry worksheet 1 2 Record the entry for direct materials couts and variances De Cret View transaction list Journal entry worksheet 1 Record the entry for direct labor costs and variance. Not Enter debits before credits General Journal Debit Trannaction 2 Credit Record entry Clear entry View general Journal