Reference no: EM131773083
Problem - The loan department of Local Bank uses standard costs to determine the overhead cost of processing loan applications. During the current month a fire occurred, and the accounting records for the department were mostly destroyed. The following data were salvaged from the ashes.
-Standard variable overhead rate per hour $12
-Standard hours per application 2
-Standard hours allowed 2,140
-Standard fixed overhead rate per hour $6
-Actual fixed overhead cost $13,650
-Variable overhead budget based on standard hours allowed $19,930
-Fixed overhead budget $13,650
-Overhead controllable variance $ 1,531
1) Total actual overhead cost:
2) Actual variable overhead cost:
3) Variable overhead cost applied:
4) Fixed overhead cost applied:
5) Overhead volume variance:
Required - Determine how many loans were processed.
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