S23-12 Journalizing materials entries The following direct materials variance analysis was performed for Moore. AC XAQ $0.70 per pound 7,900 pounds 5,530 0.40 per pound 7,900 pounds 3,160 $0.40 per pound 7,200 pounds $2,880 Efficiency Cost Variance 370 $280 U Requirements 1. Record Moore's direct materials journal entries. Assume purchases were made orn account. 2. Explain what management will do with this variance information