Rip Tide Company manufactures surfboards. Its standard cost information follows

Question

Rip Tide Company manufactures surfboards. Its standard cost information follows Standard Standard Price (Rate) Unit Cost 63.84 103.20 60.20 Direct materials (fiberglass) Direct labor 11.4 sq. ft. $5.6 per sq. S 12 per hr 8.6 hrs Variable manufacturing overhead (based orn 8.6 hrs.$ 7perhr. direct labor hours) Fixed manufacturing overhead ($22,000 80.00 275 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 Fxed overhead cost 190 5,400 $33,480 1.584 $19.800 $10 296 $22,500 Required: 1 &2. Prepare the journal entries to record the direct materials, direct labor costs and related materia's as needed and does not maintain any ending inventories. (if no entry is required for a transact ion/event, select "No Journal Entry Required" in Do not round Intermediate calculations and round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet Record the entry for direct materials costs and MacBook Air

Explanation / Answer

Working:

1. Entry to record purchase of direct material Date Account Title Debit Credit June.30 Direct material inventory 30240 Material price variance 3240 Accounts Payable 33480 2. Entry to record use of direct material Date Account Title Debit Credit June.30 Work-in-process 12130 Material usage variance 18110 Raw material inventory 30240

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