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@$4) Direct labor (0.75 hr. $12) Total prime cost During the first month of the year, the Boise plant produced 92.000 belts. Actual leather purchased was 287,500 strips at $4.50 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 labor into a rate variance and an efficiency variance using the columnar and formula approaches $12.00 9.00 $21.00 Unfavorable Unfavorable Unfavorable Rate variance Efficiency variance Total variance