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CoursHeroTranscribedText: Question 5 The loan department ofCalgary Bank uses standard costs to determine the overhead cost of processing loan applications. During the current month, a re occurred, and the accounting records for the department were mostlv destroyed. The following data were salvaged from the ashes. Standard variable overhead rate per hour $9 Standard hours per application 3 Standard hours allowed 5,040 Standard fixed overhead rate per hour 3;? Actual xed overhead cost $36,050 Variable overhead budget based on standard hours allowed $11300 xed overhead budget $36,050 Overhead controllable variance $1,300 U