The Fantasy Gifts Company o maker of Holidey noveltues, needs your heip mmedisey The company's eccountant resigned without leaving adequate records or explonstions for what she did In reviewing the records, you find the following informetion for May Matertals Purchesed 39,000 units 24500 unts Meteriels Used You find a copy of the budget which shows that materials were budgeted al $0 find some handwr inten notes emon SOlunk You know het the t the mecerisls price veriance is recorded at the tme of purchsse g the accountant's work papers. which indsne the following Metertals price voniance Metertols efficency (quentty) vorience Whet was the total stondard cost of direct moteriais purchased durng May O $19.500 O $19.890 O s12.445. $19. 110 880 Acuel mechine hours 980 Standard machine hours allowed Denaminstor ectivity imechine hours) Actual fixed averheed costs Budgeted fixed overheed costs Predetermined overheed rate vanable-s5 fixed 1050 $ 4600 $ 5.250 Whet is the production volume veriance? $650 O 5350 O $500 O $600