Overhead Variance (Over or Underapplied), Closing to cost of Goods Sold At the end of the year, Estes Company provided the following actual information Overhead 5412,600 Direct Labor cost 532,000 Estes uses normal costing and applies overhead of the rate of 75% of direct labor cont. At the end of the years of Goods Soleret for variance) was $1,670,000 Required: 1. Calculate the overhead variance for the year 2. Dispose of the overhead variance by adjusting Cost of Goods Sold Adjusted COGS