I ONLY NEED 2.4 ANSWERED (FIRST PICTURE) THE OTHERS ARE SIMPLY FOR REFERENCE IF NEEDED!

4 Cornerstone Exercise 2.4 Income Statement Refer to C and sell 49,300 units at a price of $12.50 each. Beginning inventory of finished good ornerstone Exercises 2.2 and 2.3. Next year, Pietro expects to produce 50,000 units s is $42,500, se is pro- 2.4 and ending inventory of finished goods is expected to be $34,000. Total selling expen jected at $26,000, and total administrative expense is projected at $134,000. Required: 1. 2. Prepare an income statement in good form. Be sure to include the percent of sales column. What if the cost of goods sold percentage for the past few years was 65 percent? Explain how management might react