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 Budget Actual Variance Effect Sales price 670 535 $ 590,000 $ 620,000 Sales revenue $ 400,000 $ 370,000 $ 295,000 Cost of goods sold $ 285,000 Material purchases at 5,000 pounds $ 195,000 $ 188,000 Materials usage 950 units units 1,050 units Production volume Wages at 4,000 hours 62,000 59,700 Labor usage at $16 per hour 99,000 97,000 Research and development expense 32,000 40,000 Selling and administrative expenses 64,000 50,000