Question 3 1 pts Company X anticipates that there will be 3 pounds of raw material used for every unit of finished goods produced. Company X 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: O Price variance is $3,000 U; Efficiency variance is $1,500 F O Price variance is $3,000 F: Efficiency variance is $0 O Price variance is $3,000 F: Efficiency variance is $1,500 U O Price variance is $3,200 F: Efficiency variance is $1,500 U