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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

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 rate per hour $9
Standard hours per application 3
Standard hours allowed 3,000
Standard fixed overhead rate per hour $6
Actual fixed overhead cost $19,800
Variable overhead budget based on standard hours allowed $27,000
Fixed overhead budget $19,800
Overhead budget variance $1,500 Unfavourable

1. Total actual overhead cost 2. Actual variable overhead cost

3. Variable overhead cost applied

4. Fixed overhead cost applied

5. Overhead volume variance

Determine how many loans were processed.

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