Absolute Manipulation Manufacturing's (AMM) standards anticipate that there will be 7 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 5,500 pounds of raw material, purchased 40,400 pounds for $80,800 and ended the month with 4,300 pounds on hand. The company produced 5,800 units of finished goods. The company estimates standard costs at $2.10 per pound. The materials price and efficiency variances for the month of May were as follows