Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $675,500 Applied overhead: Work-in-process inventory $140,000 Finished goods inventory 280,000 Cost of goods sold 280,000 Total $700,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. $ Provide the appropriate adjusting journal 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 require an entry, leave it blank.