At the end of the year, Ilberg Company provided the following actual information:
Overhead ....... $423,600
Direct labor cost ..... 532,000
Ilberg uses normal costing and applies overhead at the rate of 80 percent of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,890,000.

Required:
1. Calculate the overhead variance for the year.
2. Dispose of the overhead variance by adjusting Cost of Goods Sold.