information about the company follows: a. Only $5% of the rent on facilities applies to factory operations; the remainder applies to selling and administrative activities. b. Inventory balances at the beginning and end of June were as follows: June 1 June 30 Raw materials $19.000 546,000 Work in process 77.000 94.000 Finished goods 22.000 66.000 c. Some 90% of the insurance and 80% of the utilities cost apply to factory operations: the remaining amounts apply to selling and administrative activities. The president has asked you to check over the above income statement and recommend whether the company should continue operations. Required: I. As one step in gathering data for a recommendation to the president. prepare a schedule of cost of goods manufactured for June. 2. As a second step. prepare a new income statement for the month, J. Based on your statements prepared in ( I) and (2)above, would you recommend that the company continue operations