1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 88349 would be rounded to .8835 and entered as 88.35 Note: due to roundino, percentages may not add down. Pietro Frozen Foods, Inc. Income Statement For the Coming Year Percent 9 4 Less operating expenses: 2. What if the cost of goods 100 percentage for the past few year wat 555 percent Manaotments reaction might be Thcome Statement Pietro Frozen Foods, Inc. produces frozen pizzas. For next year, Pietro predicts that 50,200 units will be produced, with the following total costs Direct materials 7 Direct labor 66,000 Variable overhead 24,000 Fixed overhead 220,000 Next year, Pietro expects to purchase $130,000 of direct materials, projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work in Process Inventory Inventory Beginning $7,000 $14,700 Ending $6.900 $16,200 Next year, Pietro expects to produce 50,200 units and sell 49,500 units at a price of $15.00 each Beginning inventory of finished goods is $44.500, and ending Inventory of finished goods is expected to be $35,000. Total selling expense is projected at $28,000, and total administrative expense is projected at $102.500 Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 88349 would be rounded to:8835 and entered as 88.35. Note: due to roundino, percentages may not add down