Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 54,000 units will be produced with the following total costs: Next year, Bob's Bistro expects to purchase $115,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Next year, Bob's Bistro expects to produce 54,000 units and sell 53,300 units at a price of $17.00 each. Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. Total selling expense is projected at $20,500, and total administrative expense is projected at $101,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, 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 2. What if the operating expenses percentage for the past few years was 42.27 percent? Management's reaction might be