Check my wort Exercise 8-3A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 8-2 10 points 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).) eBook Variance Effect Print References Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds $ $ $ $ $ Budget 658 584,000 391,000 279,000 186,000 990 units 60,800 96,400 26,000 55,000 $ $ $ $ $ Materials usage Actual 529 608,000 364,000 286,000 182,000 920 units 59,100 97,800 31,000 44,000 units Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ $ $ $ $ $ $