Required information The following information applies to the questions displayed below) 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 AQ = Actual Quantity SQ-Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances and classily cach 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