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 Sales price Sales revenue $ Budget 529 Actual Variance For U $ 658 $ 608,000 $ 584,000 Cost of goods sold Material purchases at 5,000 pounds Materials usage $ 364,000 $ 391,000 $ 286.000 $ 279,000 182,000 lbs 186,000 lbs lbs Production volume 920 units 990 units units Wages at 4,000 hours $ 59,100 $ 60,800 Labor usage at $16 per hour $ 97,800 $ 96,400 Research and development expense $ 31,000 $ 26,000 Selling and administrative expenses $ 44,000 $ 55,000