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Rip Tide Company manufactures surfboards. Its standard cost information follows:

Required: 1. & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations and round your final answers to nearest dollar amount.)

Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Unit Cost Standard Price (Rate) Quantity 15 sq. ft 10 hrs $ 5 per sq. ft $15 per hr. Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (S$24,000 300 units) 75.00 150.00 10 hrs $ 6 per hr 60.00 80.0 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 312 4,920 $27,552 3,060 $47,736 $14,790 $20,000 Journal entry worksheet 1 2 Record the entry for direct materials costs and variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the entry for direct labor costs and variance. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal

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