Assume that Schmidi Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,535 pounds of aluminum to manufacture 937 units. The company paid $29.00 per pound during the month to purchase aluminum. At the beginning of the month, the company had 67 pounds of aluminum on hand. At the end of the month, the company had only 50 pounds of aluminum in its warehouse. Schmidt used 5.400 direct labor hours duting the month. at an average cost of $42.10 per hour. Required: Compute the following vatiances for the monith: 1. The purchase pilce variance for aluminum. Indicate whether this variance is favorable or unfavorable. 2. The usage variance for aluminum. Indicate whether this variance is favorable or unfavorable. 3. The direct labor tate variance. Indicate whether this variance is lavorable or unfavorable. 4. The ditect labot effidency vatiance. Indicate whether this variance is favorable of unfavotable: (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Assume that Schmidi Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,535 pounds of aluminum to manufacture 937 units. The company paid $29.00 per pound during the month to purchase aluminum. At the beginning of the month, the company had 67 pounds of aluminum on hand. At the end of the month, the company had only 50 pounds of aluminum in its warehouse. Schmidt used 5.400 direct labor hours duting the month. at an average cost of $42.10 per hour. Required: Compute the following vatiances for the monith: 1. The purchase pilce variance for aluminum. Indicate whether this variance is favorable or unfavorable. 2. The usage variance for aluminum. Indicate whether this variance is favorable or unfavorable. 3. The direct labor tate variance. Indicate whether this variance is lavorable or unfavorable. 4. The ditect labot effidency vatiance. Indicate whether this variance is favorable of unfavotable: (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)