Budget Variances, Materials and Labor Cinturon Corporation produces high - quality leather belts. The company's plant in
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Budget Variances, Materials and Labor
Cinturon Corporation produces highquality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor:
Leather strips @ $ $
Direct labor hr @ $
Total prime cost $
During the first month of the year, the Boise plant produced belts. Actual leather purchased was strips at $ per strip. There were no beginning or ending inventories of leather. Actual direct labor was hours at $ per hour. Compute the total budget variances for materials and labor.
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