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. Mountain Mist 25 ounces at $15 per ounce 27 hours at $60 per hour $48 $ 419,550 27,970 Valley Stream 26 ounces at $16.50 per ounce 28 hours at $75 per hour $52.50 $1,376,800 34,420 Standards Direct materials Direct labor Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) 25,320 ounces at $13.50 per ounce 26,680 hours at $60.75 per hour $1,342,550 $377,595 1,000 units 30,000 ounces at $17.25 per ounce 34,900 hours at $76.50 per hour $1,786,510 $1,362,000 1,200 units Assume that the company carries no beginning or ending inventories. Sales in March totaled $3,260,000 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. 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. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Valley Stream Costs 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. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Mountain Mist Valley Stream Variances Prepare the journal entries to close all variances to Cost of Goods Sold at the end of the month. (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. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Mountain Mist Valley Stream Variances Prepare the journal entries to record the activity of Valley Stream Costs 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. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Mountain Mist Valley Stream Variances Prepare the journal entries to close all variances to Cost of Goods Sold at the end of the month. (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
