Required information [The following information applies to the questions displayed below.] Hart Company made 3,080 shelves using 22,080 pounds of wood costing $276,000. The company's direct materials standards for one shelf are 8 pounds of wood at $12.40 per pound. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 1. Compute the direct materials price and quantity variances along with the total direct materials variance. 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 along with the total direct materials variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 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? Which direct materials variances will Hart investigate further? Record direct materials price and quantity variances. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal