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EverestHike Inc. manufactures hiking footware. During the month of June, the company purchased raw materials amounting to $78,100, had direct labor amounting to $12,800, and
EverestHike Inc. manufactures hiking footware. During the month of June, the company purchased raw materials amounting to $78,100, had direct labor amounting to $12,800, and factory overhead is 70% of direct labor. Sales revenue for June was $220,000. The selling expenses and administrative expenses are $32,400 and $34,200, respectively. Below is the partial comparative balance sheet of the company for the month of June 2022.
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