Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 51,100 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead ? $54,000 23,000 230,000 Next year, Bob's Bistro expects to purchase $128,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Direct materials Inventory $5,000 $4,900 Work-in-Process Inventory $10,700 $12,700 Next year, Bob's Bistro expects to produce 51,100 units and sell 50,400 units at a price of $18.00 each. Beginning inventory of finished goods is $40,500, and ending inventory of finished goods is expected to be $32,000. Total selling expense is projected at $23,000, and total administrative expense is projected at $111,500. 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 Sales Cost of goods sold Income Statement For the Coming Year Percent % % % Gross margin Less: Operating expenses Sales % %