Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 51,700 units will be produced, with the following total costs: Direct materials ? Direct labor 73,000 Variable overhead 25,000 Fixed overhead 245,000 Next year, Pietro expects to purchase $129,000 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 Beginning $6,000 $11,500 Ending $5,900 $13,500 Next year, Pietro expects to produce 51,700 units and sell 51,000 units at a price of $16.00 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 $24,000, and total administrative expense is projected at $101,000. Required: Hide 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. Pietro Frozen Foods, Inc. Income Statement For the Coming Year Percent Sales $ % Cost of goods sold % Gross margin $ % Less operating expenses: Selling expenses $ Administrative expenses % Operating income $ %