******** PLEASE ANSWER ALL 4 REQUIREMENTS FOR PROMPT ABOVE ***********

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hart Company made 3,120 bookshelves using 22,120 board feet of wood costing $280,924. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12.60 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 costs. Which direct materials variances will Hart investigate further? Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Hart applies management by exception by investigating direct materials variances of more than 5% of actual direct materials costs. Which direct materials variances will Hart investigate further? Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. Journal entry worksheet Note: Enter debits before credits. Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end. Journal entry worksheet Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits