Your Name: Last 4 digits of your CWID: Each question is worth 2 points for a total of 6 total points Midends Camera Shop has prepared the following flexible budget for September and is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable variance Material A Material B Material Flexible Budet $25,000 32.000 42.000 Varances Price Efficiency $1,500U $1,800F 9000 1,300U 900F 600F 1) The actual amount spent to purchase Material A was A) $28,300 B) $25,300 C) $23,500 D) $26,500 E) None of the above 2) If the standard cost per lb. of Material C was $2.00 per lb, how many lbs. of material were used: A) 21,450 lbs B) 21,650 lbs C) 20,550 lbs D) 20,350 lbs E) None of the above 3) Amalgamated Manipulation Manufacturing's (AMM) standards anticipate that there will be 3 pounds of raw material used for every unit of finished goods produced. AMM 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: (circle one) Price Variance Efficiency Variance 1. $3,000 U $1,500 F 2. $3,000 F $ 0 3. $3,000 F $1,500 U 4. $3,200 F $1,500 U 5. None of the above