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