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Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Standard Quantity 16.6 square feet 10.7 hours 10.7 hours Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($33,000 + 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 purchased and used Cost of fiberglass used Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost Standard Price (Rate)) $5.4 per square feet $13 per hour $5 per hour 170 5,300 $ 31,800 1,739 $ 23,650 $7,999 $ 26,500 Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Standard Unit Cost $ 89.64 139.10 53.50 120.00 Note: 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. Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Note: 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: Direct materials (fiberglass) Direct labor Standard Quantity 16.6 square feet 10.7 hours 10.7 hours Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($33,000 + 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 purchased and used Cost of fiberglass used Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost Standard Price (Rate)) $5.4 per square feet $13 per hour $5 per hour 170 5,300 $ 31,800 1,739 $ 23,650 $7,999 $ 26,500 Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Standard Unit Cost $ 89.64 139.10 53.50 120.00 Note: 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. Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Note: 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.

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 33P: Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of...
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Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours). Fixed manufacturing overhead ($33,000+ 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 purchased and used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1& 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. View transaction list Journal entry worksheet Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. A Note: 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. Record the entry for direct materials costs and variances. Standard Quantity 16.6 square feet 10.7 hours 10.7 hours Note: 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. B Note: Enter debits before credits Transaction. 1 Record entry General Journal Clear entry Standard Price (Rate): $ 5.4 per square feet $ 13 per hour $5 per hour 170 5,300 $ 31,800 1,739 $ 23,650 $7,999 $ 26,500 Debit Credit Standard Unit Cost $ 89.64 139.10 53.50 View general journal 120.00
Transcribed Image Text:Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours). Fixed manufacturing overhead ($33,000+ 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 purchased and used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1& 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. View transaction list Journal entry worksheet Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. A Note: 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. Record the entry for direct materials costs and variances. Standard Quantity 16.6 square feet 10.7 hours 10.7 hours Note: 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. B Note: Enter debits before credits Transaction. 1 Record entry General Journal Clear entry Standard Price (Rate): $ 5.4 per square feet $ 13 per hour $5 per hour 170 5,300 $ 31,800 1,739 $ 23,650 $7,999 $ 26,500 Debit Credit Standard Unit Cost $ 89.64 139.10 53.50 View general journal 120.00
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