Rip Tide Company manufactures surfboards Its standard cost information follows Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 18 4 sq ft $ 5 1 per sq ft $ 93 84 Direct labor 10 hrs $ 12 per hr 120 00 Variable manufacturing overhead (based on direct labor hours) 10 hrs $ 4 per hr 40 00 Fixed manufacturing overhead ($25,000 290 units) 86 21 Rip Tide has the following actual results for the month of June Number of units produced and sold 190 Number of square feet of fiberglass used 4,400 Cost of fiberglass used $ 25,520 Number of labor hours worked 1,850 Direct labor cost $ 23,680 Variable overhead cost $ 6,290 Fixed overhead cost $ 21,500 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 )

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Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 18.4 sq. ft. $

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

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (fiberglass)	18.4	sq. ft.	$	5.1	per sq. ft.	$	93.84
Direct labor	10	hrs.	$	12	per hr.		120.00
Variable manufacturing overhead (based on direct labor hours)	10	hrs.	$	4	per hr.		40.00
Fixed manufacturing overhead ($25,000 290 units)							86.21

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


Number of units produced and sold		190
Number of square feet of fiberglass used		4,400
Cost of fiberglass used	$	25,520
Number of labor hours worked		1,850
Direct labor cost	$	23,680
Variable overhead cost	$	6,290
Fixed overhead cost	$	21,500

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.)