Diverhead Variance (Over-or Underapplied), Closing to cost of Goods Sold At the end of the year, Tiberg Company provided the following actual Information: Overhead $423,600 532,000 Direct labor cost berg uses normal costing and applies overhead at the rate of son of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was 1928,000 Required: 1. Calculate the overhead variance for the year overapplied 2. Dispose of the overhead variance by adjusting Cost of Goods Sold Adjusted COGS