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Budget Varlances, Materials and Labor Cinturon Corporabion produces high-quality leather beits. The company's plant in Boise uses a standard costing system and has set che following standards for materials and labor: During the first month of the year, the Bolse plant produced 47,000 belts. Actual lovthor purchased was 110,000 strios at \$3.80 per strio: There were no beginning or ending inventories of leather. Actual direct labor was 38,000 heurs at $10.00 per hout Required: 1. Compute the costs of leather and direct labor that should be incurred for the production of 47,000 leather beits. 2. Compute the total budget variances for materials and labor. 3. Conceptual Connection: Would you consider these variances material with a need for invertigbtion? 4 more Chack My Work ises retaining