Budget Variances, Materials and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in B uses a standard costing system and has set the following standards for materials and labor Leather (4 strips $6.00) Direct labor (0.5 h. $9.00) Totalprime cost $28.50 During the first month of the year, the plant produced 33,000 belts. Actual leather purchased was 150,000 $3.20 per strip. There Required 1. Compute the cost of leather and direct laber that should be incurred for the production of 33,000 beter belts Materials 2. Compute the total budget variances for materials and labor. Total Budget Variance Materials 3. Conceptual Connection would you consider these variances material with a need for investigation