Each of the following formulas is correct except:

(a) Labor price variance = (Actual hours x Actual rate) - (Actual hours x Standard rate).

(b) Total overhead variance = Actual overhead - Overhead applied.

(c) Materials price variance = (Actual quantity x Actual price) - (Standard quantity x Standard price).

(d) Labor quantity variance = (Actual hours x Standard rate) - (Standard hours x Standard rate).