Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Quantity (Rate) 14.9 sq. ft. $4.7 per sq. ft. 11 hrs. $ 14 per hr. 11 hrs. $6 per hr. Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($23,000 - 340 units) Standard Unit Cost $ 70.03 154.00 66.00 s Book 67.65 ferences Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of tiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Tixed overhead cont 160 5,700 $29,640 1,680 $24,360 $ 9,576 $25,500 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 1 2 Record the entry for direct materials costs and variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cost of Goods Sold Direct Materials Price Variance Direct Materials Quantity Variance Cash or Accounts Payable Record entry Clear entry View general journal 20 Record the entry for direct labor costs and variance. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Cost of Goods Sold Direct Labor Rate Variance Direct Labor Efficiency Variance Cash or Accounts Payable Record entry Clear entry View general journal