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  3. schmidt machinery company (exhibit 14.5) used 3.46

Schmidt Machinery Company (Exhibit 14.5) used 3.460 pounds of aluminum in June to manufacture 922...

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Accounting

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Schmidt Machinery Company (Exhibit 14.5) used 3.460 pounds of aluminum in June to manufacture 922 units. The company paid $28.70 per pound during the month to purchase aluminum. On June 1, the company had 52 pounds of aluminum on hand. At the end of June, the company had only 32 pounds of aluminum in its warehouse. Schmidt used 4.300 direct labor-hours in June, at an average cost of $41.70 per hour. Compute for June: Schmidt's purchase-price and usage variances for aluminum

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