The labor for the timing belt ALONE is typically 2.5 hours. Adding the tensioners/pulleys adds more (can't remember exactly--I want to say 3.5 hrs, total, incl. tbelt). Genuine vo parts, retail, around $50 for tbelt and $250+ for others. That results in an estimate here in TN from dealer for "bout $600$700."

I ordered parts from Volvo of Houston (miguel) for about 20% off and had my new indie do the job for $54/hour. He (like most all indies) bills the same time as a dealer, but w/ lower per hour rate (dealer here is a modest $75).

All that is to say w/ all the running around, so to speak, I spent around $190 parts and $190(?) labor -- total of around $400(?). If you do the FCP Groton thing and order non-volvo parts (I don't), you can get all those parts for a good bit less.

I don't know about dealer labor rates in other regions, but I'd be very surprised if you can likely find high-level indies that do the job for half. I expect to pay about 20% less, give or take, but I've eased up on my critism of dealers a lot over the yrs.
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Two 1995 854 GLT's (w/ manual transmissions)