Cost of Goods Manufactured Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead ? $63,000 22,000 240,000 Next year, Pietro expects to purchase $125,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Direct materials Work-in-Process Inventory Inventory $6,000 $14,000 $5,900 $16,000 Required: 1. Prepare a statement of cost of goods manufactured. Pietro Frozen Foods, Inc. Statement of Cost of Goods Manufactured Direct materials For the Coming Year Materials available Direct materials used in production Total manufacturing costs added Cost of goods manufactured