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 I 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 Accounts and Explanation Debit Credit Date Requirement 2. Explain what management will do with this variance information. enough for Smithson's management to know that a variance occurred. They why it occurred. Each of the direct materials variances will be Data table AC AQ $0.70 per pounds SC AQ $0.30 per pounds SC SQ $0.30 per pound x 7,800 pounds $5,460 7,800 pounds $2,340 7,300 pounds $2,190 Cost Variance $3,120 U Print Done Efficiency Variance $150 U