Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5 in a given month, the company used 3.900 pounds of aluminum to manufacture 931 units. The company paid $28.00 per pound during the month to purchase aluminum. At the beginning of the month, the company had 61 pounds of aluminum on hand. At the end of the month, the company hod only 40 pounds of aluminum in its warehouse. Schmidt used 5,100 direct labor hours during the month, at an average cost of $41.50 per hour. Required: Compute the following vanances for the month: 1. The purchase price vanance for aluminum. Indicate'whether this vaniance is favorable or unfavorable. 2. The usage variance for aluminum. Indicate whether this variance is favorable or unfavorable. 3. The direct labor rate varlance. Indicate whether this variance is fovorable or unfavorable 4. The direct labor efficiency variance Indicate whether this variance is fovorable or unfovorable (Do not round Intermedlate calculotions. Round your onswers to the neorest whole dollar amount) Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5 in a given month, the company used 3.900 pounds of aluminum to manufacture 931 units. The company paid $28.00 per pound during the month to purchase aluminum. At the beginning of the month, the company had 61 pounds of aluminum on hand. At the end of the month, the company hod only 40 pounds of aluminum in its warehouse. Schmidt used 5,100 direct labor hours during the month, at an average cost of $41.50 per hour. Required: Compute the following vanances for the month: 1. The purchase price vanance for aluminum. Indicate'whether this vaniance is favorable or unfavorable. 2. The usage variance for aluminum. Indicate whether this variance is favorable or unfavorable. 3. The direct labor rate varlance. Indicate whether this variance is fovorable or unfavorable 4. The direct labor efficiency variance Indicate whether this variance is fovorable or unfovorable (Do not round Intermedlate calculotions. Round your onswers to the neorest whole dollar amount)