What is the formula to calculate direct materials price variance? Standard price * (Actual price-Standard price) Actual quantity purchased * (Actual quantity used-Standard quantity allowed) Standard price * (Actual quantity used-Standard quantity allowed) Actual quantity purchased * (Actual price-Standard price) What is the formula to calculate labour efficiency variance? Actual hours * (Actual hourly labour rate-Standard hourly labour rate) Standard hourly rate * (Actual hourly labour rate-Standard hourly labour rate) Standard hourly rate * (Actual hours-Standard hours allowed) Actual hours * (Actual hours-Standard hours allowed)