Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hart Company made 4,800 bookshelves using 26,000 board feet of wood costing $306,800. The company's direct materials standards for one bookshelf are 6 board feet of wood at $1170 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 (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 Actual Cost Standard Cost