value: 2.00 points Oddo Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit 3.0 ounces $7.00 per ounce Direct materials. $21.00 0.7 hours $14.00 Direct labor $20.00 per hour 0.7 hours Variable overhead. $5.00 per hour $3.50 The company reported the following results concerning this product in December Originally budgeted output 4,400 units. Actual output................................. 4,200 units 12,820 ounces Raw materials used in production Actual direct labor-hours. 3,160 hours Purchases of raw materials 14,500 ounces Actual price of raw materials $6.80 per ounce Actual direct labor rate $18.30 per hour Actual variable overhead rate $5.10 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 purchase The materials price variance for December is: O $2,900 F O $2.900 U O $2,520 F O $2,520 U