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QUESTION 3 Solly Corporation produces a product for national distribution. Standards for the product are Materials 12 ounces per unit at 60 per ounce Labor 2 hours per unit at $8 per hour During the month of December, the company produced 1,000lunits. Information for the month follows: Materials: 14,000 ounces purchased and used at a total cost of $7,700 Labor 2,500 hours worked at a total cost of $20,625 The materials quantity variance is: $1,200 U $1,200 F $1,100 U O $1,100 F QUESTION 4 if net operating income is $70,000, average operating assets are $250,000, and the minimum required rate of retum is 16%