Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are for March Standards Mountain Mist Valley Stream Direct materials 13 ounces at $15 per ounce 14 ounces at $16.50 per ounce Direct labor 15 hours at $60 per hour 16 hours at $75 per hour Variable overhead (per direct labor-hour) $48 $52.50 Fixed overhead (per month) $237,750 $796,000 Expected activity (direct labor-hours) 15,850 19,900 Actual results Direct material (purchased and used) 13,200 ounces at $13.50 per ounce 16,200 ounces at $17.25 per ounce Direct labor 14,800 hours at $60.75 per hour 19,900 hours at $76.50 per hour Variable overhead $742,550 $1,018,510 Fixed overhead $213,975 $786,000 Units produced (actual) 1,000 units 1,200 units Assume that the company carries no beginning or ending inventories. Sales in March totaled $3,200,000 for both products combined. Required: Prepare the journal entries to record the activity for the last month using standard costing. Assume that all variances are closed to Cost of Goods Sold at the end of the month. Complete this question by entering your answers in the tabs below. Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the actual costs of direct Materials incurred. Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no ent transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the actual costs of direct labor incurred. Note: Enter debits before credits. Event General Journal Debit Credit 2 Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer of Variable overhead applied to work-in-process inventory. Note: Enter debits before credits. General Journal Debit Credit Event 3 Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the actual costs of variable overhead incurred. Note: Enter debits before credits. Event General Journal Debit Credit 4 Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet B C D E F LL G H > Record the variable overhead applied to production and variances, if any. Note: Enter debits before credits. General Journal Debit Credit Event 5 01 Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer of fixed overhead applied to work-in-process inventory. Note: Enter debits before credits. Event General Journal Debit Credit Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the actual costs of fixed overhead incurred. Note: Enter debits before credits. General Journal Debit Credit Event 7 Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Mountain Mist for the last month using standard costing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the fixed overhead applied to production and variances, if any. Note: Enter debits before credits. Event General Journal Debit Credit 8
