7 Required information [The following information applies to the questions displayed below.] Part 1 of 2 Hart Company made 3,120 shelves using 22,120 pounds of wood costing $280,924. The company's direct materials standards for one shelf are 8 pounds of wood at $12.60 per pound. 3 points 8 01:09:14 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price eBook 1. Compute the direct materials price and quantity variances along with the total direct materials variance. 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? 000 Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References Compute the direct materials price and quantity variances along with the total direct materials variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost 0 $ 0 $ 0 $ $ 0 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? Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the direct materials variances. View transaction list Journal entry worksheet A > Record direct materials price and quantity variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal