Income Statement Bob's Bistro produces party-sired hoagie sandwiches. For next year, Bob's Bistro predicts that 48,800 units will be produced with the following total costs: Direct materials 2 Direct labor $57,000 Variable overhead 22,000 Fixed overhead 205,000 Next year, Bob's Bistro expects to purchase $119,000 of direct materials, Projected beginning and ending inventories for direct materials and work in process areas follows: Direct materials Work-In-Process Inventory Inventory Beginning $6,000 $10,800 Ending $5,900 512,800 Next year, Bob's Bistro expects to produce 48,800 units and sell 48,100 units at a price of $13.00 each. Beginning inventory of finished goods is 41,500, and ending inventory of finished goods is expected to be $33,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $112,000. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 38349 would be rounded to .8835 and entered as 88.35. Bob's Bistro Income Statement For the Coming Year Percent % Check My Wink Next year, Bob's Bistro expects to produce 48,800 units and sell 48,100 units at a price of $13.00 each, Beginning inventory of finished goods : 541,500, and ending Inventory of finished goods is expected to be $33,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $112,000, Required: 1. Prepare an income statement in good form, Round the percent to four decimal places before converting to a percentage. For example, 188349 would be rounded to .8835 and entered as 88.35 Bob's Bistro Income Statement For the Coming Year Percent Less: Operating expenses 2. What if the operating expenses percentage for the past few years was 62.5 percent Management's reaction might be: Check My Work