Exercise 23-13 Computing and interpreting materials variances P3 Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot. ] 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? Check Price variance, $2,200 U