Question
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
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 "
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