E12.28 (LQ 3) The loan department of Your 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 $9 rate per hour Standard hours per application 2 Standard hours allowed 2,000 Standard fixed overhead rate $6 per hour Actual fixed overhead cost $12,600 Variable overhead budget $18,000 based on standard hours allowed Fixed overhead budget $12,600 Overhead budget variance $1,200 U Instructions a. Determine the following: 1. Total actual overhead coat 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