Perform variance analysis for Pfizer Inc.'s direct materials for July 2023.

Item	Amount ($)
Standard Cost per Unit	5
Actual Cost per Unit	5.50
Standard Quantity of Material Allowed for Actual Production	3,000 units
Actual Quantity of Material Used	3,200 units

Question:

Using the given data, calculate the direct materials price variance and the direct materials quantity variance for Pfizer Inc. for July 2023. Show your calculations and explain the significance of these variances.