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 3 ounces at $15 per ounce 5 hours at $60 per hour $48 $335,340 Valley Stream 4 ounces at $16.50 per ounce 6 hours at $75 per hour $52.50 $397,800 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) 5,750 7,800 3,100 ounces at $13.50 per ounce 4,900 hours at $60.75 per hour $242,550 $313,950 1,000 units 4,700 ounces at $17.25 per ounce 7,400 hours at $76.50 per hour $378,510 $396,000 1,200 units Assume that the company carries no beginning or ending inventories. Sales in March totaled $3,150,000 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 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. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Journal entry worksheet Record the variable overhead applied to production and variances, if any. Note: Enter debits before credits. General Journal Debit Credit Event 5 Record entry Clear entry View general journal Journal entry worksheet Record the actual costs of fixed overhead incurred. Note: Enter debits before credits. General Journal Debit Credit Event 7 Record entry Clear entry View general journal Journal entry worksheet Record the fixed overhead applied to production and variances, if any. Note: Enter debits before credits. General Journal Debit Credit Event 8 Record entry Clear entry View general journal Journal entry worksheet Record the cost of all goods. (For Mountain Mist and Valley Stream) Note: Enter debits before credits. Event General Journal Debit Credit 11 Record entry Clear entry View general journal 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 3 ounces at $15 per ounce 5 hours at $60 per hour $48 $335,340 Valley Stream 4 ounces at $16.50 per ounce 6 hours at $75 per hour $52.50 $397,800 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) 5,750 7,800 3,100 ounces at $13.50 per ounce 4,900 hours at $60.75 per hour $242,550 $313,950 1,000 units 4,700 ounces at $17.25 per ounce 7,400 hours at $76.50 per hour $378,510 $396,000 1,200 units Assume that the company carries no beginning or ending inventories. Sales in March totaled $3,150,000 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 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. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Journal entry worksheet Record the variable overhead applied to production and variances, if any. Note: Enter debits before credits. General Journal Debit Credit Event 5 Record entry Clear entry View general journal Journal entry worksheet Record the actual costs of fixed overhead incurred. Note: Enter debits before credits. General Journal Debit Credit Event 7 Record entry Clear entry View general journal Journal entry worksheet Record the fixed overhead applied to production and variances, if any. Note: Enter debits before credits. General Journal Debit Credit Event 8 Record entry Clear entry View general journal Journal entry worksheet Record the cost of all goods. (For Mountain Mist and Valley Stream) Note: Enter debits before credits. Event General Journal Debit Credit 11 Record entry Clear entry View general journal