Data Table SC x AQ SC x SQ AC x AQ $0.55 per pounds $0.45 per pounds $0.45 per pound 7,100 pounds 7,800 pounds $4,290 7,800 pounds $3,510 $3,195 Cost Variance $780 U Efficiency Variance $315 U Print Done The following direct materials variance analysis was performed for Jackson. (Click the icon to view the materials variance analysis.) Read the requirements Requirement 1. Record Jackson's direct materials journal entries. Assume purchases were made on account. Begin by journalizing the purchase of direct materials, including the related variance. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit The following direct materials variance analysis was performed for Jackson. )(Click the icon to view the materials variance analysis.) Read the requirements Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Explain what management will do with this variance information | enough for Jackson's management to know that a variance occurred. They why it occurred. Each of the direct materials variances will be