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 $ 664 $ 532 Sales revenue $ 587,000 $ 614,000 Cost of goods sold $ 395,500 $ 367,000 Material purchases at 5,000 pounds $ 282,000 $ 290,500 Materials usage $ 190,500 $ 185,000 Production volume 1,020 units 935 units units Wages at 4,000 hours $ 61,400 $ 59,400 $ 96,700 $ 98,400 Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ 29,000 $ 35,500 $ 59,500 $ 47,000