Cinturon Corporation produces high-quality leather belts. The company's plant in Bolse 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 92,000 belts. Actual lesther purchased was 287,500 strips at $3.60 per strip. There were no beginning or ending inventories of leather. Actual direct iabor was 78,200 hours at 512.50 per hour. Requiredt 1. Compute the costs of leather and direct labor that should be incurred for the production of 92,000 leather beits 2. Compute the total budget variances for materials and iabor: 3. Conceptual Connection: Would you consider these variances material with a need for investigation