Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.] Hart Company made 4,600 bookshelves using 31,000 board feet of wood costing $359,600. The company's direct materials standards for one bookshelf are 7 board feet of wood at $11.50 per board foot.

Exercise 8-13 Computation and interpretation of materials variances LO P2

(1) Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price