Labor Variances 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 S4) Direct labor (0.75 hr. $12) Total prime During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 287,500 strips at $3.60 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 79,000 hours at $12.50 per hour. Required: 1. Break down the total variance for labor into a rate variance and an efficiency variance using the columnar and formula approaches, Rate variance Efficiency variance Total variance 9.00 cost $21.00 Unfavorable Unfavorable Unfavorable v