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:

Multiple Choice

• $600 U

• $700 U

• $600 F

• $700 F