Budget Variances, Materiais and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: During the first month of the vear, the Bolse piant produced 31,000 beits. Actual leather purchased was 100,000 strips at $3.70 per strip. There were no beginning or ending inventocies of leather, Actual direct labor was 30,000 hours at $15.00 per hour. Required: 1. Compute the costs of leather and direct labor that should be incurred for the production of 31,000 leather belts: 2. Compute the total budget variances for materials and labor. 3. Conceptuat Connection: Would you consider these vanances matenal with a need for investigation? 4. Refer to Exhibit 2.2 for a description of data anslytic types. What date analyic type is used in Requirements 1,2 , and 3 ? The data analytic type for Requirement 1 is The data analytic type that best fits fequirements 2 and 3 is