Wamer Company has the following data for the past year: Actual overhead $740,000 Applied overhead: Work-in-process inventory $152,000 Finished goods inventory 304,000 Cost of goods sold 304,000 Total $760,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year, 20,000 Overapplied 2. Assume the variance calculated is material. After prorating, close the vanances to the appropriate accounts. If an amount box does not require an entry, leave it blank. Overhead Control Cost of Goods Sold 20,400 304,000 X Work in Process Inventory 152.000X Finished Goods Inventory 304.000 X 3. What if the variance is of the opposite sign calculated in Requirement 1? Provide the appropriate adjusting journal 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