Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" : there is no effect (i.e., zero variance).) Variance For U Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 656 $ 583,000 $ 389,500 $ 278,000 184.500 lbs 980 units $ 60,600 $ 96,300 $ 25,000 $ 53,500 Actual $ 528 $ 606,000 $ 353,000 $ 284,500 181,000 lbs 915 units $ 59,000 $ 97,600 $ 29,500 $ 43,000 libs units