E 2 Brief Exercise 4-23 Overhead Variance (Over- or Underapplied), Closing to Cost ple 4.2 of Goods Sold At the end of the year, Ilberg Company provided the following actual information: $423,600 532,000 Direct labor cost nberg uses normal costing and applies overhead at the rate of80% ofdirect labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,890,000. Required: I. Calculate the overhead variance for the year 2. Dispose of the overhead variance by adjusting Cost of Goods Sold