Labor Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard conting system and has set the following standards for materials and labor: Leather (3 strips 54) $12.00 Direct labor (0.75 h. O $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 287,500 strips at 54.20 per strip. There were no beginning or ending inventories of leather actual direct labor was 80,500 hours at $15.00 per hour Required: