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 $ 668 $ 534 Sales revenue $ 589,000 $ 618,000 $ 398,500 $ 369,000 Cost of goods sold Material purchases at 5,000 pounds Materials usage $ 284,000 $ 293,500 $ 193,500 $ 187,000 Production volume 1,040 units 945 units units . Wages at 4,000 hours $ 61,800 $ 59,600 $ 96,900 $ 98,800 Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ 31,000 $ 38,500 $ 62,500 49,000