Problem - 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:

Required - Determine how many loans were processed.