to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchon=http 8&9 Exercise Saved Help S 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 660 $ 530 Sales revenue $ 585,000 $ 610,000 Cost of goods sold $ 392,500 365,000 Book Material purchases at 5,000 pounds 280,000 287,500 erences Materials usage $ 187,500 183,000 Production volume 1,000 units 925 units units Wages at 4,000 hours $ 61,000 59,200 Labor usage at $16 per hour $ 96,500 98,000 Research and development expense 27,000 32,500 Selling and administrative expenses $ 56,500 45,000