Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hart Company made 4,100 bookshelves using 23,000 board feet of wood costing $255,300. The company's direct materials standards for one bookshelf are 6 board feet of wood at $11.00 per board foot. 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