Cinturon Corporation produces high-quality leather belts. The companys plant in foise uses a standard costing system and has set the following standards for materials and labor: Duning the first month of the year, the Bolse plant produced 92,000 belts. Actual leather purchased was 287,500 strips at 53.60 per strip, There were no beginning or anding irventories of leather. ctual direct labor was 78,200 hours at $12.50 per houri Required; 1. Compute the costs of leather and direct fabor that should be incurred for the production of 92,000 leather belts. 2. Compute the total budget variances for materials and labori 3. Conceptual Connection: Would you consider these vanances material with a need for investigation