URCES 2-24 Practice Question 26 Each of the following formulas is correct except O Labor price variance (Actual hours x Actual rate) - (Actual hours x Standard rate). Labor quantity variance = (Actual hours x Standard rate) - (Standard hours x Standard rate). Materials price variance = (Actual quantity x Actual price) - (Standard quantity x Standard price). Materials quantity variance (Actual quantity x Standard price) - (Standard quantity x Standard price)