Warner Company has the following data for the past year:

(Please answer problem 2B, and 3) Thank you so much!

Actual overhead	$318,500
Applied overhead:
Work-in-process inventory	$68,000
Finished goods inventory	136,000
Cost of goods sold	136,000
Total	$340,000

Warner uses the overhead control account to accumulate both actual and applied overhead.

1. Calculate the overhead variance for the year. $21500 Overapplied Hide Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold Overhead Control 8600 Cost of Goods Sold 8600 Hide 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. Finished Goods Inventory 8600 Cost of Goods Sold 8600 Work-in-Process Inventory 4300 Overhead Control 21500