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: Determine how many loans were processed.
Paper#8230 | Written in 18-Jul-2015Price : $25