Income Statement Bob's Bistro produces party-sized hoagle sandwiches. For next year, Bob's Bistro predicts that 54,100 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead $59,000 17,000 220,000 Next year, Bob's Bistro expects to purchase $119,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work-in-Process Beginning Ending Inventory $4,000 $3,900 Inventory $10,500 $12,500 Next year, Bob's Bistro expects to produce 54,100 units and sell 53,400 units at a price of $13.00 each. Beginning inventory of finished goods is $47,500, and ending inventory of finished goods is expected to be $39,000. Total selling expense is projected at $30,000, and total administrative expense is projected at $120,000. Required: