The following direct materials variance analysis was performed for Longman. 5 Click the icon to view the materials variance analysis.) Read the requirements Requirement 1. Record Longman'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 Date Accounts and Explanation Debit 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 of th Date Accounts and Explanation Debit 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 of the jour Date Accounts and Explanation Debit Credit Requirement 2. Explain what management will do with this variance information. It v enough for Longman's management to know that a variance occurred. They why it occurred. Each of the direct materials variances will be Data table ACAQ SC XAQ SC SQ $0.65 per pounds $0.45 per pounds $0.45 per pound ntry table. Requirements X x 7,700 pounds 7,700 pounds 7,100 pounds $5,005 $3.465 $3,195 1. Record Longman's direct materials journal entries. Assume purchases were made on account 2. Explain what management will do with this variance information Cost Efficiency Variance Variance $1,540 U Print Done $270 U Print Done