Perform variance analysis for Johnson & Johnson's direct materials for November 2023.

Item	Amount ($)
Standard Cost per Unit	8
Actual Cost per Unit	8.50
Standard Quantity of Material Allowed for Actual Production	2,800 units
Actual Quantity of Material Used	3,000 units

Question:

Using the given data, calculate the direct materials price variance and the direct materials quantity variance for Johnson & Johnson for November 2023. Show your calculations and explain the significance of these variances.