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Required information (T he followtng information applies to the questions displayed below] Hart Company made 3,040 bookshelves using 22,040 board feet ofwood costing $271,092, The company's direct materials standards for one booksheifare 8 boa rd feet of wood at $i220 per board foot A0 = Actual Quantity 50 = Standard Quantity AP = Actual Price SP : Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable, (2) Hart applies management by exception by investigating direct materials variances of more than 5% ofactual direct materials costs, Which direct materials variances will Hart investigate further? Complete this question by entering your answers in the tabs below. Mquired 1 Required 2 Compute the dired materials prioe and quantity varianws and classify each as favorable or unfavorable. (Indicate the effect of each varianoe by selecting for favorable, unfavorable, and no variance.) Required 2 > Required information [The following information applies to the questions displayed below] Hart Company made 3,040 bookshelves using 22,040 board feet ofwood costing $271,092, The company's direct materials standards for one bookshelfare 8 board feet of wood at $1220 per board foot AQ = Actual Quantity SQ = Standard Quantity AP : Actual Price SP : Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable, (2) Hart applies management by exception by investigating direct materials variances of more than 5% of actual direct materials casts, Wnich direct materials variances will Hart investigate further? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Hart applies management by exception by investigating direct materials variances of more than 5% of actual dired: materials costs. Which direct materials variances will Hart investigate further? Required information (The followrng information applies to the questions displayed below ] Hart Company made 3,040 bookshelves using 22,040 board feet ofwood costing $271,092. The company's direct materials standards for one bookshelfare 8 board feet of wood at $12.20 per board foot. Hart Company uses a standard costing system, (1) Prepare thejournal entry to charge direct materials costs. to Work in Process Inventory and record the materials variances, [2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial Prepare the adjustingJournal entry to close the variance accounts at period-end, Complete this question by entering your answers in the tabs below. J Required 1 Required 2 Prepare thejoumal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. View transaction list Journal entry worksheet ( A ) Record price and quantity variances. Note: Enter debits hefore credits. Required 2 ) Required information [T he following information applies to the questions displayed below. ] Hart Company made 3,040 bookshelves using 22,040 board feet ofwood costing $271,092, The company's direct materials standards for one bookshelf are 8 board feet of wood at $1220 per board foot Hart Company uses a standard costing system. (1) Prepare thejournal entry to charge direct materials costs to Work in Process Inventory and record the materials variances, (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial, Prepare the adjustingjournai entry to close the variance accounts at periodend. Complete this question by entering your answers in the tabs below. Required 1 Required 2 and that they-are immatmm Journal entry worksheet ( A ) Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Wew general journal Javonte Co. set standards of2 hours of direct labor per unit of product and $17.00 per hour for the labor rate. During October. the company uses 14,500 hours of direct labor at a $249,400 total cost to produce 7,600 units of product, In November, the company uses 18,500 hours of direct labor at a $319,125 total cost to produce 8,000 units of product AH : Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate (1) Compute the direct labor rate variance. the direct labor efficiency variance. and the total direct labor cost variance for each of these two months, Classify each variance as favorable or unfavorable. (2) Javonte investigates variances of more than 5% of actual direct labor cost, Which direct labor variances will the company investigate further\" Comple this question by entering you- answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance, the direct labor efciency variance, and the total direct labor cost variance for each of these two months. Classify each variance as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.)