Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Hart Company made 3,500 bookshelves using 26,000 board feet of wood costing $327,600. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12.50 per board foot. Exercise 23-13 Computation and interpretation of materials variances LO P2 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 AQ X 26,000 X X X AP $ 12.60 SQ 28,000 7-22400 AP $ 12.50 SQ 28,000 Standard Cost X SP X $ 12.50 327,600 350,000 350,000 22,400 22400 $ 0 X 22.400 $ 0 x x *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Exercise 23-14A Materials variances recorded and closed LO P5 Hart Company records standard costs in its accounts and its materials variances in separate accounts when it assigns materials costs to the Work in Process Inventory account. (1) Prepare the journal entry that both charges the direct materials costs to the Work in Process Inventory account and records the materials variances in their proper accounts. (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. Complete this question by entering your answers in the tabs below. Required 1 Required 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