The following direct materials variance analysis was performed for Smithson. (Click the icon to view the materials variance analysis.) Read the equirements 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.) Date Accounts and Explanation Debit Credit Data Table AC AQ SC XAQ SC XSQ $0.70 per pounds $0.45 per pounds $0.45 per pound 7,900 pounds $5,530 7,900 pounds $3,555 7,000 pounds $3,150 Requirements Cost 1. Record Smithson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information. Variance Efficiency Variance $405 U $1,975 U Print Done Print Done