Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 49,100 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead $55,000 29,000 235,000 Next year, Bob's Bistro expects to purchase $127,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Direct materials Inventory $4,000 $3,900 Work-in-Process Inventory $11,500 $13,500 Next year, Bob's Bistro expects to produce 49,100 units and sell 48,400 units at a price of $18.00 each. Beginning inventory of finished goods is $47,500, and ending inventory of finished goods is expected to be $39,000. Total selling expense is projected at $28,000, and total administrative expense is projected at $115,500. 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. Bob's Bistro Tacoma Cestament. 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. Sales Cost of goods sold Gross margin Bob's Bistro Income Statement For the Coming Year 871,200 Percent 100 % 478,600 X 53.71 X % % Less: Operating expenses Selling expenses 28,000 Administrative expenses 115,500 100 X % Operating income % Feedback Check My Work 1. See Example 2.4 What if the operation.expenses.percentana for the past few years was 47.01 percent? Mananamant's reaction might he