Chapter 8 question 5Hart company made 3,380 bookshelves using 22,380 board feet of wood costing $313,320. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13.90 per board foot.

Required information (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 variance b favorable, unfavorable, and no variance.) Actual Cost Standard Cost