The loan department of Ottawa 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 Don't use plagiarized sources. Get Your Custom Essay on the loan department of ottawa bank uses standard costs to determine the overhead cos 543255 For $10/Page 0nly | $9 |
| Standard hours per application | 2 |
| Standard hours allowed | 2,000 |
| Standard fixed overhead rate per hour | $6 |
| Actual fixed overhead cost | $13,200 |
| Variable overhead budget based on standard hours allowed | $18,000 |
| Fixed overhead budget | $13,200 |
| Overhead controllable variance | $ 1,500 U |
Instructions
(a) Determine the following.
(1) Total actual overhead cost.
(2) Actual variable overhead cost.
(3) Variable overhead cost applied.
(4) Fixed overhead cost applied.
(5) Overhead volume variance.
(b) Determine how many loans were processed.
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