Awesome 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 3,000 pounds of raw material, purchased 29,000 pounds for $34,800 and ended the month with 2,200 pounds on hand. The company produced 4,800 units of finished goods. The company estimates standard costs at $1.30 per pound. The materials price and efficiency variances for the month of May were: Efficiency Variance Price Variance O 1. $2,980 F $1,300 U 2. $2,900 U $1,300 F 3. $2,900 F $1,300 U 4. $2,900 F $0