pink Rip Tide Company manufactures surfboards, its standard cost information follows: Standard Standard Quantity Price (Rate) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 +300 units) 15 sq. ft. 10 hrs. 10 hrs. 331 5,110 $ 29,127 3.250 $ 50,375 $ 13,890 $ 19,600 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide Standard Unit Cost 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 S $ per 5 sq S ft $15 per hr. per 6 hr. 75.00 150.00 60.00 80.00

pink Rip Tide Company manufactures surfboards, its standard cost information follows: Standard Standard Quantity Price (Rate) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 +300 units) 15 sq. ft. 10 hrs. 10 hrs. 331 5,110 $ 29,127 3.250 $ 50,375 $ 13,890 $ 19,600 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide Standard Unit Cost 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 S $ per 5 sq S ft $15 per hr. per 6 hr. 75.00 150.00 60.00 80.00

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Description: pinkDirect Materials Price VarianceDirect Materials Quantity VarianceDirect Materials Spending VarianceRip Tide Company manufactures surfboards, its standard cost information follows:StandardPrice(Rate)Direct materials(fiberglass)Direct Labor Rate V

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: Accounting
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