Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5 In a given month, the company used 3,510 pounds of aluminum to manufacture 932 units. The company paid $28.60 per pound during the month to purchase aluminum. At the beginning of the month, the company had 62 pounds of aluminum on hand. At the end of the month, the company had only 42 pounds of aluminum in its warehouse. Schmidt used 5,150 direct labor hours during the month, at an average cost of $41.60 per hour. Required: Compute the following variances for the month: 1. The purchase price 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 rate variance. Indicate whether this variance is favorable or unfavorable. 4. The direct labor efficiency variance. Indicate whether this variance is favorable or unfavorable. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1. Purchase-price variance 2. Usage variance 3. Direct labor rate variance 4. Efficiency variance Standard Cost Sheet, Product XV-1 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Quantity Cost Rate Subtotal Total Descriptions Direct materials: Aluminum per 4 pounds $ 25 pound $ 100 PVC 1 pound 40 per 40 pound 40 per hour Direct labor 5 hours 200 60 $ 400 Variable factory overhead 5 hours 12 per hour Total variable manufacturing cost Fixed factory overhead 5 hours 24 per hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit 120 120 $ 520 $ 50 *Budgeted fixed factory overhead cost = $120,000