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).) Item Sales price $ Budget 528 $ Actual 656 Variance For U Sales revenue $ 606,000 $ 583,000 Cost of goods sold $ 363,000 $ 389,500 Material purchases at 5,000 pounds $ 284,500 $ 278,000 Materials usage 181,000 lbs 184,500 lbs lbs F Production volume 915 units 980 units units Wages at 4,000 hours U $ 59,000 $ 60,600 Labor usage at $16 per hour $ 97,600 $ 96,300 None Research and development expense Selling and administrative expenses $ 29,500 $ 25,000 $ 43,000 $ 53,500