Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $491,000 Applied overhead: Work-in-process inventory $104,000 208,000 Finished goods inventory Cost of goods sold 209,000 Total $520,000 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. Assume the variance calculated is material. After prorating, provide the final ending balances these accounts. Unadjusted Balance Prorated Overapplied Overhead Adjusted Balance Work-in-Process Inventory $104,000 Finished Goods Inventory $209,000 Cast of Goods Sold $209,000 3. What if the variance is of the opposite sign calculated in Requirement 1? Provide the appropriate adjusting joumal entries for Requirements 1 and 2. For a compound transaction, if an amount box does not require an entry, leave it blank. Variance immaterial Variance material vil