U The loan department of Ottawa Bank uses standard costs to determine the overhe

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The loan department of Ottawa 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 $11 Standard hours per application 2 Standard hours allowed 2,190 Standard fixed overhead rate per hour $6 Actual fixed overhead cost $13,542 Variable overhead budget based on standard hours allowed $18,870 Fixed overhead budget $13,542 Overhead controllable variance $ 1,576

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