Awesome Manipulation Manufacturing's (AMM) standards anticipate that there will be 5 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 28,400 pounds for $36,920 and ended the month with 2,600 pounds on hand. The company produced 5,700 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 $2,840 F $0 O2. Price Variance Efficiency Variance $2,840 $1,820 F 3. Price Variance Efficiency Variance $2,840 F $1,820 U 4. Price Variance Efficiency Variance $2,980 F $1,820 U