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 Variance Effect Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Budget $ 532 $ 614,000 $ 367,000 $ 290,500 $ 185,000 935 units $ 59,400 $ 98,400 $ 35,500 Actual $ 664 $ 587,000 $ 395,500 $ 282,000 $ 190,500 1,020 units $ 61,400 $ 96,700 $ 29,000 $ 59,500 Production volume units Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ 47,000