Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $220,000 Applied overhead: Work-in-process inventory $48,000 Finished goods inventory 96,000 Cost of goods sold 96,000 Total $240,000 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.