Overhead variance (over- or underapplied), closing to cost of goods soldat the end of the year, ilberg company provided the following actual information: overhead $423,600direct labor cost 532,000ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. at the end of the year, cost of goods sold (before adjusting for any overhead variance) was $1,890,000.dispose of the overhead variance by adjusting cost of goods sold. adjusted cogs $ the overhead variance for the year. $