Refer to the information in PB9-9 for Rip Tide.

Rip Tide has the following actual results for the month of June:
Number of units produced and sold ....... 312
Number of square feet of fiberglass used ..... 4,920
Cost of fiberglass used ...........$27,552
Number of labor hours worked ........ 3,060
Direct labor cost ...............$47,736
Variable overhead cost ...........$14,790
Fixed overhead cost ............$24,600

Required:
Prepare journal entries to record the following for Rip Tide:
1. Variable overhead costs and related variances.
2. Fixed overhead costs and relatedvariances.

Standard Quantity Standard Price Standard Unit Cost Direct materials (fiberglass) Direct labor Variable manufacturing overhead 15 sq. ft. 10 hr 10 hr (Rate) 5 per so $15 per hr S6 per hr 75.00 150.00 60.00 (based on direct labor hours) Fixed manufacturing overhead 80.00 ($24,000 300 units)