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Ficyler Company was organized on November 1 of the previous year. After seven months of start-up losses, management had expectod to eam a profit during Jane, the most rocent moath. Management was dissppointed, however, when the income statement for June also showed a loss, June's inconse statement lollows: After sceing the $30,000 loss for Jane, Sikyler's president stated, "T was sure we'd be profitable within six months, but affer cight months we'te still spilling rod ink. Maybe it is time for us to throw in the fowel and accept obe of those offers we have had for the coenpany. To make matters worse, 1 just heard that Linds won't be back from ber surgery for at least six more weeks." Linda is the company's controller, in her obsence, the statenent abeve was prepared by a new assietant who has had littie experience in manufacturing operations. Additional information about the company follows: a. Only 80% of the rent on facilities spplies to factory operations; the remairder applies to selling and administrative activities. b. laventary balasces at the beginaing and end of the monti were as follows: c. Some 75% of the insurance and 90% of the utilitier cost apply to factocy eperatioos; the remaining amounts apply to selling and administrative activities. The president has asked you to eheck over the above income statement and make a reconamendation as to whether the compeny should continue opentions. Required: 1. As one step in gathering data for a recommendation to the president, prepare a schedale of cost of goods manufactured for Jane. 2. As a second step, pepare a now income statement for the month. 3. Bused on your staiements peepared in (1) and (2) above, would you recommend that the company. eontinue openation