Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku

Required 1 Required 2 Required 3 Required 4 Calculate 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" for unfavorable, and "None" for no effect (l.e., zero variance). Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Required 1 Required 2 Required 3 Required 4 Calculate 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" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance
Transcribed Image Text:Required 1 Required 2 Required 3 Required 4 Calculate 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" for unfavorable, and "None" for no effect (l.e., zero variance). Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Required 1 Required 2 Required 3 Required 4 Calculate 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" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance
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 Standard Price (Rate) $5 per square feet $ 15 per hour $ 6 per hour 331 5,110 $ 29,127 3,250 $ 50,375 $ 13,890 $ 25,550 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
Transcribed Image Text: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 Standard Price (Rate) $5 per square feet $ 15 per hour $ 6 per hour 331 5,110 $ 29,127 3,250 $ 50,375 $ 13,890 $ 25,550 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
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS