Materials Valances Cinturon Corporation produces high-quality leather belts. The company's plant in Bote uses a standard costing system and has set the following standards for materials and labor Leather (3 strips $4) $12.00 Direct tabor (0.75 h, 0512) 9.00 Total prime cont $21.00 During the first month of the year, the Basie plant produced 92,000 belts, Actual leather purchased was 300,500 strips ut $3.00 per strip. There were no beginning or ending inventories of leatbot. Actual direct labor win 79,100 hours at $15.00 per hour Required: 1. Break down the total variance for materials into a pele variance and a usage variance using the columpur and formuld approaches. Enter favorable Values negative numbers and unfavorable values as positive numbers price variance Favorable 115,000 X Usage Varance Unfavorable 46,000 X Total Variance Favorable 69,000 X