instructions I help Question 57 (of 67 Save & Exit Subm Time remaining: 1:39.19 7. Oddo Corporation makes a product with the following standard costs Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unt Direct materials Direct labor Variable overhead 3.0 ounces 0.7 hours 0 7 hours $7 00 per ounce $20.00 per hour $5.00 per hour $14.00 $3 50 The company reponted the following results concerning this product in December Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours. Purchases of raw materials Actual price of raw materials. Actual direct labor rate Actual variable overhead rate 4.400 units 4.200 units 12.820 ounces 3,160 hours 14,500 ounces $6.80 per ounce $18.30 per hour per hour $5. 10 company applies veriable overheed on the basis of direct labor-hours. Th the materis's are purnchosed The materials price variance for December is The e direct materials purchases variance is computed when O s2.520 u S2.520 F $2.900 F O $2900 u EliteOne 800