Check my work Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] Hart Company made 5,000 bookshelves using 32,000 board feet of wood costing $384,000. The company's direct materials standards for one bookshelf are 7 board feet of wood at $11.90 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 Standard Cost Direct labor efficiency variance Direct labor rate variance Direct materials price variance 1of 1EEE 14/2019 AQ Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Direct labor efficiency variance Direct labor rate variance Direct materials price varihnce Direct materials quantity variance (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 es Standard Cost Direct materials quantity variance Prey 1 of 1i Next AP Actual Price SP = Standard Price Direct labor rate variance Direct materials price variance Direct materials quantity variance Total direct materials variance Total variable overhead cost (Jriance Variable overhead efficiency variance t of 1 AQ- Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Total direct materials variance Total variable overhead cost variance Variable overhead efficiency variance Variable overhead spending variance Volume variance