Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead Applied overhead: $470,000 Work-in-process inventory Finished goods inventory Cost of goods sold Total $100,000 200,000 200,000 $500,000 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