Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 54,200 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead $70,000 29,000 230,000 Next year, Bob's Bistro expects to purchase $121,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Direct materials Inventory $6,000 $5,900 Work-in-Process Inventory $11,800 $13,800 Next year, Bob's Bistro expects to produce 54,200 units and sell 53,500 units at a price of $14.00 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 $29,000, and total administrative expense is projected at $116,000. 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. Check My Work Bob's Bistro Previous Next All work saved Email Instructor Save and Exit Submit Assignment for Grading 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 Sales Cost of goods sold Gross margin Percent 749,000 100 % % % Less: Operating expenses Selling expenses Administrative expenses 29,000 116,000 145,000 Operating income % Feedback *Check My Work 1. See Example 2.4 2. What if the operating expenses percentage for the past few years was 58.96 percent? Management's reaction might be: Check My Work All work saved.