7.

Soly Corporation produces a product for national distribution. Standards for the product are: 7 Materials 12 ounces per unit at 60e per ounce Labor 2 hours per unit at $8 per hour During the month of December, the company produced 1,000 units. Information for the month follows: Materials: 14.000 ounces purchased and used at a total cost of $7700 Labor 2.500 hours worked at a total cost of $20,625 The materials price variance is