Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

same options for entire column 2 same options for entire column 2 same options for entire column 2 same options for entire column 2 Rip

image text in transcribed
image text in transcribed
same options for entire column 2
image text in transcribed
same options for entire column 2
image text in transcribed
same options for entire column 2
image text in transcribed
same options for entire column 2
Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Quantity (Rate) 15 sq. ft. $5 per sq. ft. 10 hrs. $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 323 5,030 $ 27,665 3,170 $49, 769 $14,690 $25,150 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: 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 for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance).) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Recured quired 2 > F U None 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 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 "F for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance F U None 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 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 (.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance F U None 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 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

6. Identify characteristics of whiteness.

Answered: 1 week ago

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago