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 Standard Cost