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 $ 533 $ 666 F Sales revenue $ 616,000 $ 588,000 U Cost of goods sold $ 368,000 $ 397,000 U Material purchases at 5,000 pounds $292,000 $ 283,000 F Materials usage $ 186,000 $ 192,000 U Production volume 940 units 1,030 units units F Wages at 4,000 hours $ 59,500 $ 61,600 U Labor usage at $16 per hour $ 98,600 $ 96,800 F Research and development 37,000 $ 30,000 F expense Selling and administrative expenses $ 48,000 61,000 U