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Budget Variances, Materials and LabourMahn Corporation produces high-quality leather belts. Thecompany uses a standard costing system and has set the followingstandards for materials and labour:Leather (4 strips @ $4.00)$16.00Direct labour (0.25 hr. @ $14.00)3.50Total prime cost$19.50During the first month of the year, Mahn produced 43,000 belts.Actual leather purchased was 120,000 strips at $3.10 per strip.There were no beginning or ending inventories of leather. Actualdirect labour was 35,000 hours at $11.00 per hour.
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