Direct Materials and Direct Labor Variances Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,450 pounds of aluminum to...

Direct Materials and Direct Labor Variances Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,450 pounds of aluminum to manufacture 920 units. The company paid $28.50 per pound during the month to purchase aluminum. At the beginning of he month, the company had 50 pounds of aluminum on hand. At the end of the month, the company had only 30 pounds of aluminum in its warehouse. Schmidt used 4,200 direct labor hours during the month, at an average cost of $41.50 per hour.

Required Compute for the month the following variances, all rounded to the nearest whole dollar: 1. The purchase-price variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U).  2. The usage variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 3. The direct labor rate variance. Indicate whether this variance is favorable (F) or unfavorable (U).  4. The direct labor efficiency variance. Indicate whether this variance is favorable (F) or unfavorable (U).