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 (l.e., zero varlance).) Item Sales price $ Budget 660 Actual Variance Effect $ 530 Sales revenue $ 585,000 $ 610,000 Cost of goods sold $ 392,500 $ 365,000 Material purchases at 5,000 pounds $ 280,000 $ 287,500 Materials usage $ 187,500 $ 183,000 Production volume 1,000 units 925 units units Wages at 4,000 hours $ 61,000 69 59,200 Labor usage at $16 per hour $ 96,500 $ 98,000 Research and development expense $ 27,000 $ 32,500 Selling and administrative expenses $ 56,500 $ 45,000