Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,700 units will be produced, with the following total costs: Direct materials 7 Direct labor 53,000 Variable overhead 15,000 Fixed overhead 245,000 Next year, Pietro expects to purchase $118,500 or 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 $6,000 $12,600 Ending $5,900 $14,600 Pietro expects to produce 49,700 units and sell 49,000 units. Beginning inventory of finished goods is $41,500, and ending inventory of finished goods is expected to be $33,000. Required: 1. Prepare a statement of cost of goods sold in good form. Pietro Frozen Foods, Inc. Statement of Cost of Goods Sold For the Coming Year 2. What if the beginning inventory of finished goods decreased by $5,750? What would be the effect on the cost of goods sold? by s