Fred Company had the following data available: 
What is the balance in Retained Earnings on December 31,2015?
Definitions:
Labor Efficiency Variance
The difference between the actual hours worked and the standard hours expected for the actual production level, multiplied by the standard labor rate.
Direct Materials
The raw materials that are directly traceable to a finished product and are an integral part of the finished product.
Standard Costs
Predetermined costs for material, labor, and overhead used as benchmarks against which to compare the actual production costs.
Direct Material
Raw materials that are directly traced and assigned to the production of a specific product.
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