Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,600 units will be produced, with the following total costs: Next year, Pietro expects to purchase $116,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Next year, Pietro expects to produce 52,600 units and sell 51,900 units at a price of $16.00 each. Beginning inventory of finished goods is $44,500, and ending inventory of finished goods is expected to be $36,000. Total selling expense is projected at $29,000, and total administrative expense is projected at $121,000. 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. Note: due to rounding, percentages may not add down. Pietro Frozen Foods, Inc