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Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (fiberglass) 11.1 sq. ft. $4.2 per sq. ft. $ 46.62 Direct labor 11 hrs. $ 14 per hr. 154.00 Variable manufacturing overhead 11 hrs. 66.00 (based on direct labor hours) $6 per hr. Fixed manufacturing overhead 65.62 ($21,000 + 320 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 190 4,900 $24,500 2,030 $29,841 $11,774 $23,500 Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Assur company purchases raw materials as needed and does not maintain any ending Inventorles. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations your final answers to nearest dollar amount.) View transaction list Journal entry worksheet Journal entry worksheet 2 > Record the entry for direct materials costs and variances. + Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet

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