Exercise 15-5A (Algo) 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" there is no effect (i.e., zero variance)) Variance For U Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4.000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 526 $ 602,000 $ 361.000 $ 281,500 179,000 lbs 905 units $ 58,800 $ 97,200 $ 26,500 $ 41,000 Actual S 652 $ 581,000 $ 386,500 $ 276,000+ 181,500 lbs 960 units $ 60,200 $ 96,100 S 23,000 S 50,500 lbs units