Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead Applied overhead: $271,000 Work-in-process inventory Finished goods inventory Cost of goods sold Total $60,000 120,000 120,000 $300,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the vear. 29,000 Overapplied v Feedback Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold. Overhead Control 29,000v Cost of Goods Sold 29,000 v Feedbaci 2. Assume the variance calculated is material. After prorating, close the variances to the appropriate accounts. If an amount box does not require an entry, leave it blank. Overhead Control 29,000 Cost of Goods Sold 12,000] x 6,0001 x '12,0001 x s Inventory Finished Goods Inventory Feedback Assume the variance calculated is material. After prorating, provide the final ending balances of these accounts. Unadjusted Prorated Overapplied Adjusted Balance Overhead Balance Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold $60,000 $120,000 $120,000 Feedback