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

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Question: 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

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.

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