TB MC Qu$.10-77($Static$)$ Solly Corporation produces a product for $...$

Solly Corporation produces a product for national distribution. Standards for the product are:

Materlals: $12$ 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:

Materlals: $14,000$ ounces purchased and used at a total cost of $$7,700.$

Labor: $2,500$ hours worked at a total cost of $$20,625.$

The materlals price varlance is:

Multiple Choice

$$700U$

$$600F$

$$600U$

$$700F$