Exercise 15-5 Determining amount and type (favorable vs. unfavorable) of variance LO 15-3 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).) Item Actual Variance Effect Budget 526 Sales price $ $ 652 Sales revenue Cost of goods sold Material purchases at 5,000 pounds $ 602,000 $ 361,000 $ 281,500 $ 179,000 $ 581,000 $ 386,500 $ 276,000 $ 181,500 960 units Materials usage Production volume 905 units units $ $ Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ 58,800 $ 97,200 $ 26,500 $ 41,000 60,200 96,100 23,000 50,500 $ $