5 ! Required information Part 1 of 2 [The following information applies to the questions displayed below.] Hart Company made 3,360 bookshelves using 22,360 board feet of wood costing $310,804. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13.80 per board foot. 3 points Skipped AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price eBook (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? 101 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 variance by selecting for favorable, unfavorable, and no variance.) Actual Cost Standard Cost 0 $ 0 $ 0 $ O 0 Required 1 Required 2 > 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 direct materials costs. Which direct materials variances will Hart investigate further? Which direct materials variances will Hart investigate further?