Required Compute variances for the following items and indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Item Actual Variance Effect Budget 533 Sales price $ 69 $ 666 Sales revenue $ 616,000 $ 588,000 $ 397,000 Cost of goods sold Material purchases at 5,000 pounds $ 368,000 $ 292,000 Materials usage $ 186,000 Production volume 940 units units $ 283,000 $ 192,000 1,030 units $ 61,600 $ 96,800 $ 30,000 $ 59,500 Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ 98,600 $ 37,000 $ 48,000 $ 61,000