Chapter 2 Homework Income Statement eBook Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,700 units will be produced, with the following total costs: Direct materials ? Direct labor Variable overhead Fixed overhead 75,000 21,000 240,000 Next year, Pietro expects to purchase $127,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Direct materials Inventory $4,000 $3,900 Work-in-Process Inventory $14,300 $16,300 > Next year, Pietro expects to produce 51,700 units and sell 51,000 units at a price of $17.00 each. Beginning inventory of finished goods is $42,500, and ending inventory of finished goods is expected to be $34,000. Total selling expense is projected at $24,000, and total administrative expense is projected at $113,500. 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. Pietro Frozen Foods, Inc. Income Statement For the Coming Year Percent % % % Less operating expenses: Check My Work 1 more Check My Work uses remaining. Assignment Score: 64.46% % % CO Previous Next > All work saved. Save and Exit Submit Assignment for Grading