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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 StreamDirect materials 29 ounces at $15 per ounce 30 ounces at $16.50 per ounceDirect labor 31 hours at $60 per hour 32 hours at $75 per hourVariable overhead (per direct labor-hour) $48 $52.50Fixed overhead (per month) $480,150 $1,570,400Expected activity (direct labor-hours) 32,010 39,260Actual results Direct material (purchased and used) 29,360 ounces at $13.50 per ounce 34,600 ounces at $17.25 per ounceDirect labor 30,640 hours at $60.75 per hour 39,900 hours at $76.50 per hourVariable overhead $1,542,550 $2,042,510Fixed overhead $432,135 $1,554,000Units produced (actual) 1,000 units 1,200 units
Assume that the company carries no beginning or ending inventories. Sales in March totaled $3,280,000 for both products combined.
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.
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