Reference no: EM133088032
Question - The loan department of Opelka 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 P9
Standard hours per application 2
Standard hours allowed 2,000
Standard fixed overhead rate per hour P6
Actual fixed overhead cost P12,600
Fixed overhead budget P12,600
Overhead controllable variance P1,200 U
Variable overhead budget based on standard hours allowed P18,000
Based on the information above, answer the following:
1. Determine the variable overhead costs applied?
2. Determine the total actual overhead cost?
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