Please do not give solution in image format thanku Required 1 Required 2 Required 3 Required 4Calculate the direct materials price, quantity, and total spending variances for Rip Tide.Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (l.e., zero variance).Direct Materials Price VarianceDirect Materials Quantity VarianceDirect Materials Spending VarianceRequired 1Required 2 Required 3 Required 4Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide.Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance).Direct Labor Rate VarianceDirect Labor Efficiency VarianceDirect Labor Spending Variance Rip Tide Company manufactures surfboards. Its standard cost information follows:Direct materials (fiberglass)Direct laborStandard Quantity15 square feet10 hours10 hoursVariable manufacturing overhead (based on directlabor hours)Fixed manufacturing overhead ($24,000 + 300 units)Rip Tide has the following actual results for the month of June:Number of units produced and soldNumber of square feet of fiberglass purchased and usedCost of fiberglass usedNumber of labor hours workedDirect labor costVariable overhead costFixed overhead costStandard Price (Rate)$5 per square feet$ 15 per hour$ 6 per hour3315,110$ 29,1273,250$ 50,375$ 13,890$ 25,550Required: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.StandardUnitCost$ 75.00150.0060.0080.00

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Description: Please do not give solution in image format thanku Required 1 Required 2 Required 3 Required 4Calculate the direct materials price, quantity, and total spending variances for Rip Tide.Note: Do not round your intermediate calculations. Indicate the ef

Direct material variance is the difference between standard direct material cost for actual…

Business

Accounting

Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Standard Quantity 15 square feet 10 hours 10 hours Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 + 300 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 purchased and used Cost of fiberglass used Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost 331 5,110 $ 29,127 3,250 $ 50,375 $ 13,890 $ 25,550 Standard Price (Rate) $5 per square feet $ 15 per hour $6 per hour Required: 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. Standard Unit Cost $ 75.00 150.00 60.00 80.00

Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Standard Quantity 15 square feet 10 hours 10 hours Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 + 300 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 purchased and used Cost of fiberglass used Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost 331 5,110 $ 29,127 3,250 $ 50,375 $ 13,890 $ 25,550 Standard Price (Rate) $5 per square feet $ 15 per hour $6 per hour Required: 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. Standard Unit Cost $ 75.00 150.00 60.00 80.00

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of direct labor and direct materials per unit for the year are as follows: The standard price paid per pound of direct materials is 1.60. The standard rate for labor is 8.00. Overhead is applied on the basis of direct labor hours. A plantwide rate is used. Budgeted overhead for the year is as follows: The company expects to work 12,000 direct labor hours during the year; standard overhead rates are computed using this activity level. For every small stapler produced, the company produces two regular staplers. Actual operating data for the year are as follows: a. Units produced: small staplers, 35,000; regular staplers, 70,000. b. Direct materials purchased and used: 56,000 pounds at 1.5513,000 for the small stapler and 43,000 for the regular stapler. There were no beginning or ending direct materials inventories. c. Direct labor: 14,800 hours3,600 hours for the small stapler and 11,200 hours for the regular stapler. Total cost of direct labor: 114,700. d. Variable overhead: 607,500. e. Fixed overhead: 350,000. Required: 1. Prepare a standard cost sheet showing the unit cost for each product. 2. Compute the direct materials price and usage variances for each product. Prepare journal entries to record direct materials activity. 3. Compute the direct labor rate and efficiency variances for each product. Prepare journal entries to record direct labor activity. 4. Compute the variances for fixed and variable overhead. Prepare journal entries to record overhead activity. All variances are closed to Cost of Goods Sold. 5. Assume that you know only the total direct materials used for both products and the total direct labor hours used for both products. Can you compute the total direct materials and direct labor usage variances? Explain.
Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.
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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
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Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?
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Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for labor, and 1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of 8,775. Clearwater uses FIFO costing. Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process.
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