S23-12 (similar to) s Question Help O The following direct materials variance analysis was performed for Johnson. (Click the icon to view the materials variance analysis.) Read the requirements Requirement 1. Record Johnson'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 -X SCAQ SC XSQ * $0.70 per pounds $0.45 per pounds $0.45 per pound 7,900 pounds 7,200 pounds 7,900 pounds $3,555 $5,530 $3,240 Requirements - X Cost 1. Record Johnson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information Efficiency Variance Variance $1,975 U $315 U Print Done Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? 2 parts remaining Clear All Check