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The following direct materials variance analysis was performed for Smithson. (Click the icon to view the materials variance analysis.) Read the requirements. Requirement 1. Record Smithson'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.) Accounts and Explanation Debit Date 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.) Accounts and Explanation Date Credit Debit Credit The following direct materials variance analysis was performed for Smithson. (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 It Credit Requirement 2. Explain what management will do with this variance information. enough for Smithson's management to know that a variance occurred. They materiale uariannae will ha why it occurred. Each of the direct The following direct materials variance analysis was performed for Smithson (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.) Accounts and Explanation BELED Date It Debit Credit Requirement 2. Explain what management will do with this variance information. enough for Smithson's management to know that a variance occurred. They materials variances will be why it occurred. Each of the direct di e id Quir lize xpla Data table AC X AQ $0.60 per pounds x 7,500 pounds $4,500 Cost Variance $2,250 U SC X AQ $0.30 per pounds 7,500 pounds $2,250 Efficiency Variance $120 U SC X SQ $0.30 per pound 7,100 pounds $2,130