Please do not give solution in image format thanku Required 1 Required 2 Required 3 Required 4Calculate the direct materials price, quantity, and total spending variances for Rip Tide.Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (l.e., zero variance).Direct Materials Price VarianceDirect Materials Quantity VarianceDirect Materials Spending VarianceRequired 1Required 2 Required 3 Required 4Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide.Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance).Direct Labor Rate VarianceDirect Labor Efficiency VarianceDirect Labor Spending Variance Rip Tide Company manufactures surfboards. Its standard cost information follows:Direct materials (fiberglass)Direct laborStandard Quantity15 square feet10 hours10 hoursVariable manufacturing overhead (based on directlabor hours)Fixed manufacturing overhead ($24,000 + 300 units)Rip Tide has the following actual results for the month of June:Number of units produced and soldNumber of square feet of fiberglass purchased and usedCost of fiberglass usedNumber of labor hours workedDirect labor costVariable overhead costFixed overhead costStandard Price (Rate)$5 per square feet$ 15 per hour$ 6 per hour3315,110$ 29,1273,250$ 50,375$ 13,890$ 25,550Required: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.StandardUnitCost$ 75.00150.0060.0080.00

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Description: Please do not give solution in image format thanku Required 1 Required 2 Required 3 Required 4Calculate the direct materials price, quantity, and total spending variances for Rip Tide.Note: Do not round your intermediate calculations. Indicate the ef

Direct material variance is the difference between standard direct material cost for actual…

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Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Standard Quantity 15 square feet 10 hours 10 hours Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 + 300 units) Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass purchased and used Cost of fiberglass used Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost 331 5,110 $ 29,127 3,250 $ 50,375 $ 13,890 $ 25,550 Standard Price (Rate) $5 per square feet $ 15 per hour $6 per hour 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. Standard Unit Cost $ 75.00 150.00 60.00 80.00