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" if there is no effect (i.e., zero variance).) Item Actual Variance For U Budget 534 Sales price $ $ 668 Sales revenue Cost of goods sold Material purchases at 5,000 pounds $ 618,000 $ 369,000 $ 293,500 187,000 lbs Materials usage lbs Production volume 945 units $ 589,000 $ 398,500 $ 284,000 193,500 lbs 1,040 units $ 61,800 $ 96,900 $ 31,000 $ 62,500 units Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ 59,600 $ 98,800 $ 38,500 $ 49,000