Required information The following information applies to the questions displayed below) Hart Company made 3,020 bookshelves using 22.020 board feet of wood costing $268,644 The company's direct materials standards for one bookshelf are 8 board feet of wood at $1210 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 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of eac favorable, unfavorable, and no variance.) Actual Cost Standard Cost Required Required 2 >