Ace Manipulation Manufacturing's (AMM) standards anticipate that there will be 2 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 4.000 pounds of raw material, purchased 9,700 pounds for $9,700 and ended the month with 2,600 pounds on hand. The company produced 4,900 units of finished goods. The company estimates standard costs at 1.40 per pound. The materials price and efficiency variances for the month of May were as follows: 01. Price Variance Efficiency Variance $4.440 F $1,820 V 2. Price Variance Efficiency Variance $3,880 F $0 3. Price Variance Efficiency Variance $3,880 F $1,820 V Price Variance Efficiency Variance $3,880 V $1,820 F