Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Standard (Rate) Unit Cost...
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Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Standard (Rate) Unit Cost Quantity Standard Price Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on 15 sq. ft 10 hrs $ 5 per sq. ft. $15 per hr $75.00 150.00 10 hrs. $ 6 per hr 60.00 direct labor hours) Fixed manufacturing overhead ($24,000+300 80.0 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 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 Required 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance
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