Materials Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise 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 leathe purchased was 279,500 strips at $3.00 per strip. There were no beginning or ending in of leather. Actual direct labor was 78,600 hours at $13.50 per hour. Required: 1. Break down the total variance for materials into a price variance and a usage varianc the columnar and formula approaches. Enter favorable values as negative numbers and unfavorable values as positive numbers. Price variance Usage variance Total variance