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 $(5$ strips @ $$4\mathrm{.}00)$ $$20\mathrm{.}00$

Direct labor $(0\mathrm{.}25$ hr$.$ @ $$12\mathrm{.}00)3\mathrm{.}00$

Total prime cost $$23\mathrm{.}00$

During the first month of the year, the Boise plant produced $42,000$ belts. Actual leather purchased was $100,000$ strips at $$3\mathrm{.}80$ per strip. There were no beginning or ending inventories of leather. Actual direct labor was $34,000$ hours at $$16\mathrm{.}00$ per hour. $1.$ Compute the total budget variances for materials and labor.