Amalgamated Manipulation Manufacturing's (AMM) standards anticipate that there will be 3 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 5,000 pounds of raw material, purchased 15,000 pounds for $19,500 and ended the month with 4,000 pounds on hand. The company produced 5,000 units of finished goods. The company estimates standard costs at $1.50 per pound. The materials price and efficiency variances for the month of May were as follows: 1. Price Variance $3,000 U 2. Price Variance $3,000 F O3. Price Variance $3,000 F 4. Price Variance $3,200 F Efficiency Variance $1,500 F Efficiency Variance $0 Efficiency Variance $1,500 U Efficiency Variance $1,500 U