Required information The following information applies to the questions displayed below. Hart Company made 5,000 bookshelves using 32,000 board feet of wood costing $384,000. The company's direct materials standards for one bookshelf are 7 board feet of wood at $11.90 per board foot AQ-Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves. Actual Cost Standard Cost