Ace 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 8,000 pounds of raw material, purchased 38,900 pounds for $27,230 and ended the month with 6,700 pounds on hand. The compan produced 5,500 units of finished goods. The company estimates standard costs at $1.20 per pound. The materials price and efficiency variances for the month of May were as follows: O 1. Price Variance O2. Price Variance Efficiency Variance $19,450 F $2,040 U Efficiency Variance $20,100 F $2,040 U O3. Price Variance $19,450 U O4. Price Variance Efficiency Variance $2,040 F Efficiency Variance. $19,450 F