Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 55,000 units will be produced with the following total costs Direct materials Direct labor Variable overhead Fixed overhead Beginning Ending Direct materials Next year, Bob's Bistro expects to purchase $130,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Sales Cost of goods sold Inventory $7,000 $6,900 Next year, Bob's Bistro expects to produce 55,000 units and sell 54,300 units at a price of $16.00 each Beginning inventory of finished goods is $48,500, and ending inventory of finished goods is expected to be $40,000. Total selling expense is projected at $20,000, and total administrative expense is projected at $104,500. Gross margin Less: Operating expenses Selling expenses Operating income ? 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 Income Statement For the Coming Year Administrative expenses $57,000 Sr 23,000 240,000 Work-in-Process Inventory $14,200 $16,200 20,000 104,500 $868,800 X Percent d d 100

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