Oddo Corporation makes a product with the following standard costs:

Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 2.0 ounces $9.00 per ounce $18.00 Direct labor 0.6 hours $15.00 per hour $9.00 Variable overhead 0.6 hours $7.50 per hour $4.50

The company reported the following results concerning this product in December.

Originally budgeted output 8,800 units Actual output 8,600 units Raw materials used in production 13,200 ounces Actual direct labor-hours 5,360 hours Purchases of raw materials 14,800 ounces Actual price of raw materials 8.75 per ounce Actual direct labor rate 13.00 per hour Actual variable overhead rate 6.00 per hour

The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

The materials price variance for December is: