Materials 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) $12.00 Direct labor (0.75 hr. e $12) 9.00 Total prime cost $21.00 During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 280,500 strips at $3.30 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 79,400 hours at $13.50 per hour Required: 1. Break down the total variance for materials into a price vanance and a usage vanance using the columnar and formula approaches. Enter favorable values es negative numbers and unfavorable values as positive numbers. Price vanance 196,350 X Favorable v Usage variance 46,000 x Unfavorable v Total variance 69,000 X Favorable v