BMC7-18 (similar to) Question Help Ace 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 4,500 pounds of raw material, purchased 33,800 pounds for $57,460 and ended the month with 4,000 pounds on hand. The company produced 5,400 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: 1. Price Variance Efficiency Variance $17,150 F $4,180 U 2. Price Variance Efficiency Variance $16,900 U $4,180 F 3. Price Variance Efficiency Variance $16,900 F $4,180 U 4. Price Variance Efficiency Variance $16,900 F $0