Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hart Company made 3,020 shelves using 22,020 pounds of wood costing $268,644. The company's direct materials standards for one shelf are 8 pounds of wood at $12.10 per pound. Exercise 21-13 (Algo) Computing and analyzing materials variances LO P3 AQ Actual Quantity SQ AP SP Standard Quantity Actual Price 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 < Required 1 Required 2 > Standard Cost