The following direct labor variance analysis was performed for Longman EEE (Click the icon to view the labor variance analysis.) Read the requirements Requirement 1. Record Longman's direct labor journal entry (use Wages Payable) Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound jounal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Explain what management will do with this variance information Itenough for Longman's management to know t that a variance occurred. They V why it occurred. Each of the direct labor variances will be Data Table AC x AQ SC x AQ SC x SQ $11.00 per DLHr $13.00 per DLHr $13.00 per DLHr 1,650 DLHr 1,650 DLHr 1,450 DLHr $18,150 $21,450 $18,850 Cost Variance $3,300 F Efficiency Variance $2,600 U Print Done