Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,200 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $128,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: 53,000 23,000 225,000 Direct materials Work-in-Process Inventory $7,000 $6,900 Inventory $13,700 $15,700 Beginning Ending Pietro expects to produce 49,200 units and sell 48,500 units. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000 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 Cost of goods manufactured Add: Beginning finished goods Cost of goods available for sale Less: Ending finished goods Cost of goods sold