Budget Veriances, Materials 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 year, the Boise plant produced 45,000 belts. Actual leather purchased was 130,000 strips at $3.50 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 36,000 hours at $16,50 per hour. Required: 1. Compute the costs of leather and direct labor that should be incurred for the production of 45,000 leather belts. 2. Compute the total budget variances for materials and labor: 3. Conceptual Connection: Would you consider these variances material with a need for investigation? 4. Refer to Exhibit 2.2 for a description of data analytic types. What data analytic type is used in Requirements 1,2 , and 3 ? The data analytic type for Requirement 1 is The data analytic type that best fits Requirements 2 and 3 is