Required information Use the following information for the Exercises below. (Algo) [The following information applles to the questions displayed below] Hart Company made 3,300 shelves using 22,300 pounds of wood costing $303,280. The company's direct materials standards for one shelf are 8 pounds of wood at $13.50 per pound. Exercise 21-13 (Algo) Computing and analyzing materials variances LO P3 AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice 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? Compute the direct materials price and quantity variances along with the total direct materials variance. (Indicate the effect of each variance bi favorable, unfavorable, or no variance.)