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 Sales price $ Budget 526 Actual Variance $ 652 $ 120,800 Sales revenue $ 602,000 $ 581,000 Cost of goods sold $ 361,000 $ 386,500 Material purchases at 5,000 pounds $281,500 $ 276,000 Materials usage $ 179,000 $ 181,500 Production volume 905 units 960 units units Wages at 4,000 hours $ 58,800 $ 60,200 Labor usage at $16 per hour $ 97,200 $ 96,100 Research and development $ 26,500 $ 23,000 expense Selling and administrative expenses $ 41,000 $ 50,500 U Effect