Overhead Variances and Their Disposal Wamer Company has the following data for the past year: Actual overhead $317,000 Applied overhead: Work-in-process inventory $68,000 Finished goods inventory 136,000 Cost of goods sold 136,000 Total $340,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. Overapplied Provide the appropriate adjusting journat entry to close the overhead variance to cost of Goods Sold 2. Assume the variance calculated is material. After prorating, close the variances to the appropriate accounts. If an amount box does not