HTML / JS：计算和显示价格

I am trying to calculate the price by having different quantities, conditions, etc. I found a good snippet of code here:

http://jsfiddle.net/Wm6zC/

Still, I am searching for a way to have a label, paragraph or a different similar tag, which will update the price, instead using input="text" method. Something like:

<FORM Name="myform">
  <LABEL>Quantity:</LABEL>
  <SELECT NAME="Item" onChange="calculatePrice()" id="Item">
    <OPTION value="1">1</OPTION>
    <OPTION value="2">2</OPTION>
    <OPTION value="3">3</OPTION>
    <OPTION value="4">4</OPTION>
    <OPTION value="5">5</OPTION>
    <OPTION value="6">6</OPTION>
    <OPTION value="7">7</OPTION>
    <OPTION value="8">8</OPTION>
  </SELECT>
</FORM>

<p> Total Cost: 22.9 </P>

And by selecting a quantity, the price gets updated right away. Any idea how to achieve this?