Exercise 23-13 Computing and analyzing materials variances P3 Hart Company made 3,000 shelves using 22,000 pounds of wood costing $266,200. The company's direct materials standards for one shelf are 8 pounds of wood at $12 per pound. 1. Compute the direct materials price and quantity variances along with the total direct materials variance and identify 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?