The following direct materials variance analysis was performed for Longman. (Click the icon to view the materials variance analysis.) Read the requirements. Data table 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 jour the journal entry table.) Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry. Re journal entry table.) Requirement 2. Explain what managamont will do with this variance information. 14. mouah. Lonaman's manacoment to know that a variance occurred. They Why it occured. Each of the direct materials vaniancos will bo