Exercise 14-26 (Algo) Direct Materials and Direct Labor Variances [LO 14-3] Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,470 pounds of aluminum to manufacture 935 units. The company paid $28.90 per pound during the month to purchase aluminum At the begioning of the month, the company had 54 pounds of aluminum on hand. At the end of the month, the company had only 34 pounds of aluminum in its warehouse. Schmidt used 4.400 direct labor hours during the month, at an average cost of $41.90 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 vanance is favorable or unfavorable. 3. The direct labor rate variance. Indicate whether this vatiance is favorable or unfavorable 4. The direct labor efficiency vanance Indicate whether this varlance is favorable or unfavorable: (Do not round intermediate colculations. Round your answers to the nearest whole dollor amount.)