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Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor 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 Quantity 15 square feet 10 hours Required 1 Required 2 Required 3 Required 4 10 hours 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. Complete this question by entering your answers in the tabs below. 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. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance < Required 1 Standard Price (Rate) $5 per square feet $15 per hour $6 per hour 328 5,080 $ 28,956 3,220 $49,910 $ 14,190 $ 25,400 Required 2 > 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 (i.e., zero variance). 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 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 Quantity 15 square feet 10 hours Required 1 Required 2 Required 3 Required 4 10 hours 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. Complete this question by entering your answers in the tabs below. 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. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance < Required 1 Standard Price (Rate) $5 per square feet $15 per hour $6 per hour 328 5,080 $ 28,956 3,220 $49,910 $ 14,190 $ 25,400 Required 2 > 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 (i.e., zero variance). 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
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Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor 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: Standard Quantity 15 square feet 10 hours 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 Required 1 Required 2 Required 3 Required 4 10 hours. Complete this question by entering your answers in the tabs below. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance 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. < Required 1 Standard Price (Rate) $5 per square feet $15 per hour $6 per hour 328 5,080 $ 28,956 3,220 Required 2 > $ 49,910 $ 14,190 $ 25,400 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 (i.e., zero variance). 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 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: Standard Quantity 15 square feet 10 hours 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 Required 1 Required 2 Required 3 Required 4 10 hours. Complete this question by entering your answers in the tabs below. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance 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. < Required 1 Standard Price (Rate) $5 per square feet $15 per hour $6 per hour 328 5,080 $ 28,956 3,220 Required 2 > $ 49,910 $ 14,190 $ 25,400 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 (i.e., zero variance). Standard Unit Cost $75.00 150.00 60.00 80.00
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