Hart Company made 3,320 bookshelves using 22,320 board feet of wood costing $305,784. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13.60 per board foot.

Hart Company uses a standard costing system. (1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. (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.

(For reference)

Thank you in advance!!

Actual Cost SP AQ 22,320 AP $ 13.70 AQ 22,320 SP $ 13.60 Standard Cost SQ 26,560 $ 363,872 $ 13.70 $ 305,784 $ 303,552 $ 2,232 $ 60,320 $ Direct materials price variance Direct materials quantity variance Total direct materials variance $ 2,232 Unfavorable 60,320 Favorable 58,088 Favorable $ Record price and quantity variances. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 1