Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 52,600 units will be produced with the follawing total costs: Next year, Bob's Bistro expects to purchase 5124,500 of direct materials. Projected beginning and ending inventorles for direct materials and work in process are-as follows: Next year, Bob's Bistro expects to produce 52,600 units and sell 51,900 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 seling expense is projected at $27,500, and total administrative expense is projected at \$117,000. Reguired: 1. Prepare an income stotement in good form. Round the percent to four decimal places before converting to a percentage. For example, Als349 would be rounded to , 8835 and entered as 88.35. Next year, Bob's Bistro expects to produce 52,600 units and sell 51,900 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 $27,500, and total administrative expense is projected at $117,000. 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. Feedback V Check My Work, 1. See Example 2.4 2. What if the operating expenses percentage for the past few years was 66.79 percent? Management's reaction might be