Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,900 units will be produced, with the following total costs: Next year, Pietro expects to purchase $121,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Next year, Pietro expects to produce 54,900 units and sell 54,200 units at a price of $15.00 each. Beginning inventory of finished goods is $46,500, and ending inventory of finished goods is expected to be $38,000. Total selling expense is projected at $29,500, and total administrative expense is projected at $121,500. 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. Note: due to rounding, percentages may not add down