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 Accounts and Explanation Debit Date Credit Now, journalize the usage 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 Accounts and Explanation Debit Date Credit Requirement 2. Explain what management will do with this variance information. It enough for Johnson's management to know that a variance occurred. They why it occurred. Each of the direct materials variances will be Data table AC AQ $0.60 per pounds SC AQ $0.35 per pounds SC SQ $0.35 per pound 7,700 pounds $4,620 7,700 pounds $2,695 7,100 pounds $2,485 Cost Variance $1,925 U Print Done Efficiency Variance $210 U