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Warner Company has the following data for the past year:
Actual overhead $470,000
Applied overhead:
Work-in-process inventory $100,000
Finished goods inventory 200,000
Cost of goods sold 200,000
Total $500,000
Warner uses the overhead control account to accumulate both actual and applied overhead.
Calculate the overhead variance for the year.

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Karabo99

Answer:

The overhead variance for the year is $ 30000 and is Favorable/overapplied.

Explanation:

Overhead variance = Actual overhead - Applied overhead

                                = $470,000 - $500,000

                                = - $30000

Therefore, the overhead variance for the year is $ 30000 and is Favorable/overapplied.

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