Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Item Budget Actual Variance Effect Sales price $ 531 $ 662 Sales revenue $ 612,000 $ 586,000 Cost of goods sold $ 366,000 $ 394,000 Material purchases at 5,000 pounds $ 289,000 $ 281,000 Materials usage $ 184,000 $ 189,000 Production volume 930 units 1,010 units units Wages at 4,000 hours $ 59,300 $ 61,200 Labor usage at $16 per hour $ 98,200 $ 96,600 Research and development expense $ 34,000 $ 28,000 Selling and administrative expenses $ 46,000 $ 58,000