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).) Variance Effect Actual 670 $ U U. F Item Budget Sales price $ 535 Sales revenue $ 620,000 Cost of goods sold $ 370,000 Material purchases at 5,000 pounds $ 295,000 Materials usage $ 188,000 Production volume 950 units Wages at 4,000 hours $ 59,700 Labor usage at $16 per hour $ 99,000 Research and development $ 40,000 expense Selling and administrative expenses $ 50,000 $ 590,000 $ 400,00 $ 285,000 $ 195,000 1,050 units $ 62,000 U units U $ 97,000 F $ 32,000 F $ 64,000 U