Materials Variances Cinturon Corporation produces high-quality leather belts. The company's piant in Boise 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 beits. Actual leather purchased was 301,500 strips at $4.20 per strip. There were no beginning or ending imventories of leather. Actual direct labor was 79,200 hours at $19.00 per hour. Required: 1. Break down the total variance for moterials into a price variance and a usage variance using the columnar and formula approsches. Enter favorable values as negative numbers and unfavorable values as positive numbers