Required information[The following information applies to the questions displayed below.]Hart Company made 3,180 shelves using 22,180 pounds of wood costing $288,340. The company's direct materialsstandards for one shelf are 8 pounds of wood at $12.90 per pound.AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price1. 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 2Compute the direct materials price and quantity variances along with the total direct materials variance. (Indicate the effect of each variance bfavorable, unfavorable, or no variance.)Actual CostStandard CostAQXAPAQXSPSQXSPXXX0$0$0

Variances are the calculation of the difference between the actual performance and standard…

Answered: Hart Company made 3,180 shelves using…

Hart Company made 3,180 shelves using 22,180 pounds of wood costing $288,340. The company's direct materials standards for one shelf are 8 pounds of wood at $12.90 per pound.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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