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. Exercise 08-13 Computing and interpreting materials variances LO P3 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. Required 1 Required 2 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each favorable, unfavorable, and no variance.) Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 $ 0 Required 1 Required 2 Required 1 Required 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? Which direct materials variances will Hart investigate further?