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Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Price (Rate) $5 per square feet $ 15 per hour $ 6 per hour Standard Unit Cost $ 75.00 150.00 60.00 80.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 ÷ 300 units) Standard Quantity 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 Required: 15 square feet 10 hours 10 hours 332 5,120 $ 28,160 3,260 $ 51,182 $ 13,790 $ 25,600 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.

Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Price (Rate) $5 per square feet $ 15 per hour $ 6 per hour Standard Unit Cost $ 75.00 150.00 60.00 80.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 ÷ 300 units) Standard Quantity 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 Required: 15 square feet 10 hours 10 hours 332 5,120 $ 28,160 3,260 $ 51,182 $ 13,790 $ 25,600 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.

FINANCIAL ACCOUNTING
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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Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Price (Rate) $5 per square feet $ 15 per hour $ 6 per hour Standard Unit Cost $ 75.00 150.00 60.00 80.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 ÷ 300 units) Standard Quantity 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 Required: 15 square feet 10 hours 10 hours 332 5,120 $ 28,160 3,260 $ 51,182 $ 13,790 $ 25,600 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.
Transcribed Image Text:Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Price (Rate) $5 per square feet $ 15 per hour $ 6 per hour Standard Unit Cost $ 75.00 150.00 60.00 80.00 Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 ÷ 300 units) Standard Quantity 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 Required: 15 square feet 10 hours 10 hours 332 5,120 $ 28,160 3,260 $ 51,182 $ 13,790 $ 25,600 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.
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