Materiais Variances Cinturon Corporation produces high-quality leather belts, The company's plant in Bolse uses a standard costing system and has set the following standards for materials and labor: During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 287,500 strips at 53,60 per strip. There were no beginning or ending inventories of leather. Actual direct iabor was 78,200 hours at 512.50 per hour. Requiredt 1. Break down the total variance for materials into a price variance and a usage variance using the columnar and formula approaches. 2. CONCEPTUAL CONNECTION Suppose the Boise plant manager investigates the materials variances and is told by the purchasing manager that a cheaper source of leather strips had been discovered and that this is the reason for the favorable materiais price variance, Quite pleased, the purchasing manager suggests that the materials price standard be updated to reflect this new, less expensive source of leather strips, should the plant manager update the materiais price standard as suggested? Why or why not