Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 48,500 units will be produced with the following total costs: Direct materials ? Direct labor Variable overhead $59,000 17,000 Fixed overhead 250,000 Next year, Bob's Bistro expects to purchase $123,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory $12,900 Beginning Ending $7,000 $6,900 $14,900 Next year, Bob's Bistro expects to produce 48,500 units and sell 47,800 units at a price of $14.00 each. Beginning inventory of finished goods is $45,500, and ending Inventory of finished goods is expected to be $37,000. Total selling expense is projected at $20,000, and total administrative expense is projected at $114,500. 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 Income Statement For the Coming Year Sales Cost of goods sold Percent %