PART I. Identify the order in which the following budgets are prepared within the master budget process: Production, Labor, Materials Purchased. Sales. Forecasted Balanced Sheet, Cash Budget, Forecasted Income Statement. PART II Napa Winery uses a standard costing system based upon a normal capacity of 35,000 cases per month. Operating data for March was as follows: Grapes Purchased and used $60,000 Actual overhead incurred $162,500 Materials quantity variance (favorable) $1,200 Labor paid to employees $125,000 Materials price variance (unfavorable) $1,500 Labor rate variance (favorable) $600 Controllable overhead variance (unfavorable) $500 Labor efficiency variance (unfavorable) $900 Overhead volume variance (unfavorable) $1,000 1 What is the journal entry to record grapes purchased if the variance is isolated at time of purchase