The following data relates to QA firm.
Cost standards: 
Actual results:
7800 units were produced. 
Calculate the direct material price variance, based on the quantity of materials purchased.
Definitions:
Closing Process
The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.
Owner's Capital
The total value of assets contributed by the owner of a business plus the retained earnings.
Owner's Drawings
Withdrawals of a business's cash or other assets by the owner for personal use.
Expense Accounts
Accounts used to record business expenses, which reduce net income in the profit and loss statement.
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