Acer Manipulation Manufacturing's (AMM) standards anticipate that there will be 6 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 8,500 pounds of raw material, purchased 36,500 pounds for S62,050 and ended the month with 8,000 pounds on hand. The company produced 5,900 units of finished goods. The company estimates standard costs at $2.20 per pound. The materials price and efficiency variances for the month of May were: Price Variance Efficiency Variance $3,520 U $3,520 F $3,520 U $0 O 1. $18,250 F O 2. $18,250 U O3. $18,500 F 0 4. $18,250 F Click to select your answer 2