The following direct materials vanance analysis was performed for Jackson, Click the icon to view the materials variance analysis.) Read the requirements Requirement 1. Record Jackson'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.) Accounts and Explanation Date Debit Credit ary ces TO ourd Choose from any list or enter any number in the input fields and then click Check Answer Clear All Check Answer 2 parts remaining i Data Table AC X AQ SCAQ SC XSQ $0.70 per pounds $0.45 per pounds $0.45 per pound x 7,700 pounds 7,700 pounds 7,000 pounds $5,390 $3,465 $3,150 Cost Efficiency Variance Variance $1,925 U $315 U Print Done i X Requirements 1. Record Jackson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information. Print Done