11:55 AM Fri Sep 16 100% F California State UniverX My Home C Ch. 2 Homework Assignment 1. CEX 02.01. ALGO 2. CEX 02.02 ALGO 3 CEX 02 03 ALGO 4. CEX 02.04 ALGO 5. EX.02.14 ALGO 6 EX.02.15 ALGO 7. EX.02.17 ALGO B EX.02.18 ALGO 9. EX.0221 ALGO 10. MC.02.26 11. MC.02.27 12. PR.02.35 ALGO v2.cengagenow.com CengageNOWv2 | Online x + Income Statement Pietro Frozen Foods, Inc, produces frozen pizzas. For next year, Pietrs predicts that 48,900 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead 54,000 25,000 245,000 Next year, Pietro expects to purchase $128,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Inventory Direct materials Beginning Ending $6,000 $5,900 Work-in-Process Inventory $13,600 $15,000 Next year, Pietro expects to produce 48,900 units and sel 48,200 units at a price of $15.00 nach. Beginning inventory of finished goods is $48,500, and ending inventory of finished goods is expected to be $40,000. Total selling expense is projected at $28,000, and total administrative expense is projected at $109,500. 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 rounding, percentages may not add down Pietro Frozen Foods, Inc. Income Statement For the Coming Year Sales Less operating expenses Selling expenses Admicate Operationa Percent 2. What if the cost of goods sold percentage for the past few years was 61.50 percent Management's reaction might be Progress: 4/12 items Check My Work 3 more Check My Work unes remaining Assignment Score: $2.59% Previous Save and Exit Submit Assignment for Grading