The following direct materials variance analysis was performed for Jackson. E: (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.) Date Accounts and Explanation Debit Credit X Data Table x AQ SC XAQ SC X SQ $0.70 per pounds $0.30 per pounds $0.30 per pound 7,800 pounds 6,800 pounds X 7,800 pounds $5,460 Requirements $2,340 $2.040 1. Record Jackson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information. Cost Variance $3,120 U Efficiency Variance $300 U Print Done Print Done