Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 53,700 units will be produced, with the following total costs: Direct materials . Direct labor i Variable overhead Fixed overhead $3,000 15,000 185,000 Next year, Pietro expects to purchase $129,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Direct materials Inventory $6,000 $5,900 Work-in-Process Inventory $13,100 $15,100 Next year, Pietro expects to produce 53,700 units and sell 53,000 units at a price of $13.00 each. Beginning inventory of finished goods is $43,500, and ending inventory of finished goods is expected to be $35,000. Total selling expense is projected at $30,000, 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, 68349 would be rounded to 8835 and entered as 88.35 Note: due to rounding, percentages may not add down. Pietro Frozen Foods, Inc. Income Statement For the Coming Year Cost of goods sold Groy&margin Less operating expenses Seling expenses Administrative expenses Operating income 8 Percent "