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 incurred in manufacturing these bookshelves. Actual Cost Standard Cost AQ AP AQ SP SQ SP X X 22,000 S 12.00 S 12.10 22,000 S 12.00 24,000 X X S 266.200 264,000 288,000 S 2,200 S 24,000 S 2,200 Unfavorable Direct materials price variance 24,000 Favorable Direct materials quantity variance S 21,800 Favorable Total direct materials variance Hart Company records standard costs in its accounts and its materials variances in separate accounts when it assigns materials costs to the Work in Process Inventory account. (1) Prepare the journal entry that both charges the direct materials costs to the Work in Process Inventory account and records the materials variances in their proper accounts. View transaction list Journal entry worksheet 1 Record price and quantity variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period- end. View transaction list Journal entry worksheet 1 Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal