Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity 15 sq. ft. 10 hrs. Standard Price (Rate) $ 5 per sq. ft. $15 per hr. Standard Unit Cost $ 75.00 150.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 + 300 units) 10 hrs. $ 6 per hr. 60.00 80.00 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 330 5,100 $28,560 3,240 $50,544 $13,990 $25,500 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the direct materials price, quantity, 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).) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting FM for favorable, UM for unfavorable, and "None" for no effect (l.e., zero variance).). Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance Complete this question by entering your answers in below. Required 1 Required 2 Required 3 Required 4 . ........ ... . .... . . ... .... .................. 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 Bl....zero variance):). Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 ................................. . . .. ..... Calculate the fixed overhead spending (budget) and volume 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:.................. .. .... Fixed Overhead Spending Variance Fixed Overhead Volume Variance Required 3
