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Budget Variances, Materials and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in...

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Accounting

Budget Variances, Materials and Labor 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 @ $5.00) $15.00 Direct labor (0.75 hr. @ $16.00) 12.00 Total prime cost $27.00 During the first month of the year, the Boise plant produced 36,000 belts. Actual leather purchased was 130,000 strips at $3.10 per strip. There were no beginning or ending inventories of leather

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