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 Budget Actual Variance Effect Sales price $ 654 $ 527 Sales revenue $ 582,000 $ 604,000 Cost of goods sold $ 388,000 $ 362,000 Material purchases at 5,000 pounds $ 277,000 $ 283,000 Materials usage $ 183,000 Production volume 970 units $ 180,000 910 units units Wages at 4,000 hours $ 60,400 $ 58,900 Labor usage at $16 per hour $ 96,200 $ 97,400 Research and development $ 24,000 $ 28,000 expense Selling and administrative expenses $ 52,000 $ 42,000