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 530 Actual Variance For U $ 660 Sales revenue $ 610,000 $ 585,000 Cost of goods sold $ 365,000 $ 392,500 Material purchases at 5,000 pounds Materials usage $ 287,500 $ 280,000 183,000 lbs 187,500 lbs lbs Production volume 925 units 1,000 units units Wages at 4,000 hours Labor usage at $16 per hour $ 59,200 $ 61,000 $ 98,000 $ 96,500 Research and development expense Selling and administrative expenses $ 32,500 $ 27,000 $ 45,000 $ 56,500