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: Leather (3 strips $4) $12.00 Direct labor (0.75 hr. $12) 9.00 Total prime cost $21.00 During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 268,500 strips at $3.60 per strip. There were no beginning or ending Inventories of leather. Actual direct labor was 79,200 hours at $13.50 per hour. Required: 1. Break down the total variance for materials into a price variance and a usage variance using the columnar and formula approaches. Enter favorable values as negative numbers and unfavorable values as positive numbers. Price variance $1,074,00 X Favorable Usage variance $ 30,000 X Favorable Total variance $1,374,00 X Favorable