Each of the following formulas is correct except: (a) Labor price variance = (Actual hours Actual rate)

Each of the following formulas is correct except:

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(a) Labor price variance = (Actual hours Actual rate) (Actual hours x Standard rate). (b) Total overhead variance = Actual overhead Overhead applied. (c) Materials price variance = (Actual quantity X Ac- tual price) (Standard quantity X Standard price). (d) Labor quantity variance = (Actual hours X Stan- dard rate) (Standard hours x Standard rate).