Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).) V ariance Effect Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 533 $ 616,000 $ 368,000 $ 292,000 $ 186,000 940 units $ 59,500 $ 98,600 $ 37,000 $ 48,000 Actual $ 666 $ 588,000 $ 397,000 $ 283,000 $ 192,000 1,030 units $ 61,600 $ 96,800 $ 30,000 $ 61,000 units