The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. Prepare the necessary closing entries. 
Definitions:
Material Price Variance
The difference between the actual cost of materials and the standard cost, multiplied by the quantity of materials used.
Standard Unit Price
A predetermined or established cost that represents an expected or typical amount to be charged or incurred per unit of product or service.
Actual Unit Price
The real cost of a single unit of a product or service, as incurred or experienced in a transaction.
Standard Quantity
The estimated amount of materials or resources expected to be used during a production process under normal conditions.
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