Compute variances for the following items and indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Variance Effect Actual $ 660 $ 585,000 F U $ 392,500 U $ 280,000 F Item Budget Sales price $ 530 Sales revenue $ 610,000 Cost of goods sold $365,000 Material purchases at 5,000 pounds $ 287,500 Materials usage $ 183,000 Production volume 925 units Wages at 4,000 hours $ 59,200 Labor usage at $16 per hour $ 98,000 Research and development $ 32,500 expense Selling and administrative expenses $ 45,000 U units F $ 187,500 1,000 units $ 61,000 $ 96,500 U F $ 27,000 F $ 56,500