12 PA9-7 (Static) Calculating Direct Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances [LO 9-3, 9-4, 9-5, 9-S1] 5 points Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Kate) Unit Cost Direct materials (fiberglass) 15 sq. ft. $5 per sq. ft. $ 75.00 Direct labor 10 hrs. $15 per hr. 150.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $ 6 per hr. 60.00 Fixed manufacturing overhead ($24,000 - 300 units) 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 312 4,920 $27,552 3,060 $ 47,736 $ 14,790 $ 24,600 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. Answer is not complete. 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 (l.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 12 PA9-7 (Static) Calculating Direct Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances [LO 9-3, 9-4, 9-5, 9-S1) 5 points Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (fiberglass) 15 sq. ft. $5 per sq. ft. $ 75.00 Direct labor 10 hrs. $15 per hr 150.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $ 6 per hr. 60.00 Fixed manufacturing overhead ($24,000 - 300 units) 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 312 4,920 $27,552 3,060 $ 47,736 $ 14,790 $24,600 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. Answer is not complete. 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 12 PA9-7 (Static) Calculating Direct Materials, Direct Labor, Variable Manufacturing Overhead, Fixed Manufacturing Overhead Variances [LO 9-3, 9-4, 9-5, 9-51] 5 points 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. 10 hrs. $ 6 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) 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 312 4,920 $27,552 3,060 $ 47,736 $14,790 $ 24,600 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 (1.e., zero variance).). Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance $ $ $ 1,836 U 900 F 936U