Rip Tide Company manufactures surfboards. Its standard cost information follows:Direct materials (fiberglass)Direct laborVariable manufacturing overhead (based ondirect labor hours)Fixed manufacturing overhead ($27,000 ÷ 250units)Rip Tide has the following actual results for the month of June:Number of units produced and soldNumber of square feet of fiberglass purchased and usedCost of fiberglass usedNumber of labor hours workedDirect labor costVariable overhead costFixed overhead costView transaction listJournal entryworksheetARequired:1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not roundintermediate calculations and round your final answers to nearest dollar amount.BStandard Quantity13.5 square feet9.8 hours9.8 hoursRecord the entry for direct materials costs and variances.Note: Enter debits before credits.Transaction1General JournalDebitStandard Price (Rate)$ 5.1 per square feet$ 14 per hour$5 per hour1605,400$ 31,3201,518$ 22,163$ 7,286$ 24,500CreditStandardUnitCost$ 68.85137.2049.00108.00

Name: Rip Tide Company manufactures surfboards. Its standard cost informati
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Rip Tide Company manufactures surfboards. Its standard cost information follows:Direct materials (fiberglass)Direct laborVariable manufacturing overhead (based ondirect labor hours)Fixed manufacturing overhead ($27,000 ÷ 250units)Rip Tide has the fo