Using the standard costs of $5 per pound for a 10 pound bag of chocolate and the following actual cost and usage data, compute the direct materials variance. 
Definitions:
Net Income
The total profit of a business after all expenses and taxes have been deducted from total revenue.
Owner's Capital
The amount of equity a business owner has invested in the business minus any withdrawals made from the business by the owner.
Cash Balance
The amount of cash a company has available, reflecting the total amount of cash and cash equivalents at a given point in time.
General Ledger
A full catalog of all economic activities a company has engaged in from its inception, systematically arranged by accounts.
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