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Actual Cost Standard Cost AQ X AP AQ X SP SQ SP 22,000 X $ 12.10 22.000 X $12.00 $12.00 $ 266,200 $ 264.000 36.000 X X $ 432.000 $ 2.200 $ 168.000 $ 2,200 Unfavorable Direct materials price variance Direct materials quantity variance 168.000 Favorable Total direct materials variance 165,800 X Favorable Which direct materials variances will Hart investigate further? Direct materials price variance Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot. Exercise 08-13 Computing and interpreting materials variances LO P3 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (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 and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.)