I need the answer as soon as possible

E-8 Hope Company has been suffering losses since its incorporation. After 3 years of consecutive losses, the company president was hopeful to have a profit in 2011. But when he had found the Income Statement for the year ended 2011, he became very disappointed and thinking of closing the operations. Before doing so he seeks your recommendation as the Income Statement for the year ended 2011 were prepared by a new accountant in absence of the responsible accountant for the purpose who has been sick for a month. To facilitate your recommendation the following data are available: Hope Company Income Statement For the year ended 31* December, 2011 Descriptions TK TK Sales 6,00,000 Less: Operating Expenses xii) Selling and Administrative Salary 35.000 xiii) Rent on Facilities 40,000 xiv) Purchase 1,90,000 xv) Insurance 8,000 xvi) Depreciation- Sales Equipment 10,000 xvii) Utilities 50.000 xviii) Indirect Labour 1,08,000 xix) Direct Labour 90,000 xx) Depreciation-Factory Equipment 12,000 xxi) Maintenance-Factory 7,000 xxii) Advertising 80,000 Total 6,30,000 Net Operating Loss 30.000 Additional Information: i) 20% of the rent on facilities are applied to administrative activities ii) Inventory balances follow Beginning Ending Raw Materials Tk.17,000 Tk.42,000 Work in process 70,000 85,000 Finished Goods 20.000 60,000 iii) 80% of the utilities and 90% of insurance are applied to the factory overhead Required: a) Prepare a Cost of Goods Sold Statement b) Prepare an Income Statement c) Recommend whether the company should continue its operation and explain the reasons for the differences in profit between two Income Statements