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

Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 14.2 sq. ft. $ 4.6 per sq. ft. $ 65.32 Direct labor 10.4 hrs. $ 14 per hr. 145.60 Variable manufacturing overhead (based on direct labor hours) 10.4 hrs. $ 8 per hr. 83.20 Fixed manufacturing overhead ($32,000 310 units) 103.23

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

Number of units produced and sold 170 Number of square feet of fiberglass used 4,300 Cost of fiberglass used $ 22,360 Number of labor hours worked 1,708 Direct labor cost $ 25,108 Variable overhead cost $ 12,981 Fixed overhead cost $ 29,500

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 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.)

General Journal Options:

No Journal Entry Required

Cash or Accounts Payable

Cost of Goods Sold

Direct Labor Efficiency Variance

Direct Labor Rate Variance

Direct Materials Price Variance

Direct Materials Quantity Variance

Fixed Overhead Spending Variance

Fixed Overhead Volume Variance

Raw Materials Inventory

Variable Overhead Efficiency Variance

Variable Overhead Rate Variance

Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on Quantity 14.2 sq. f. 10.4 hrs Standard Price (Rate) $4.6 per sq. ft. $ 14 per hr $ 8 per hr Unit Cost $ 65.32 145.60 10.4 hrs 83.20 direct labor hours) Fixed manufacturing overhead ($32,000 103.23 310 units) 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 170 4,300 $22,360 1,708 $25,108 $12,981 $29,500