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

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (fiberglass)	19.7	sq. ft.	$	5.4	per sq. ft.	$	106.38
Direct labor	10.5	hrs.	$	13	per hr.		136.50
Variable manufacturing overhead (based on direct labor hours)	10.5	hrs.	$	7	per hr.		73.50
Fixed manufacturing overhead ($24,000 290 units)							82.76

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

Number of units produced and sold		180
Number of square feet of fiberglass used		5,800
Cost of fiberglass used	$	35,380
Number of labor hours worked		1,810
Direct labor cost	$	24,978
Variable overhead cost	$	11,946
Fixed overhead cost	$	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 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