Income Statement Bob's Bistro produces party-sized hoagie sandwiches, For next year, Bob's Bistro predicts that 49,200 units will be produced with the following total costs: Next yeac, Bob's Bistro expects to purchase $129,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Next year, Bob's Bistro expects to produce 49,200 unts and sell 48,500 units at a price of $16.00 each, Beginning inventory of finished geods is $39,500, and ending inventory of finished goods is expected to be $31,000. Total selling e Zpense is projected at $25,500, and total administrative expense is projected at $125,000. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 88349 would be rounded to, 8835 and entered as 88.35 . 2. What if the operating expenses percentage for the past few years was $1.01 percent? Management's reaction might be