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 1,000 units. 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 price variance is:

Group of answer choices

$600 U

$700 F

$600 F

$700 U