Davidson Corp. produces a single product: fireproof safety deposit boxes for home use. The budget going into the current year anticipated a selling price of $60 per unit. Because of competitive pressures, the company had to cut selling prices by 5% during the year. Budgeted variable costs per unit are $37, and budgeted total fixed costs are $158,500 for the year. Anticipated sales volume for the year was 12,500 units. Actual sales volume was 10% less than budget. What was the sales price variance for the year? Label this variance F (favorable) or U (unfavorable), as appropriate.

Sales Price Variance is =

Note: Please show formulas, thanks.