Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,300 units will be produced, with the following total costs: Direct materials Direct labor 72,000 Variable overhead 23,000 Fixed overhead 245,000 Next year, Pietro expects to purchase $118,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work in Process Inventory Inventory Beginning $5,000 $13,100 Endino $4.900 $15, 100 Next year, Pietro expects to produce 52.300 units and sell 51,600 units at a price of $15.00 each. Beginning inventory of finished goods is $42,500, and ending inventory of finished goods is expected to be $34,000. Total selling expense is projected at $25,000, and total administrative expenses projected at $130,000 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 Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percento form 6000 word be rounded to6835 and entered 3.35 Notes due to rounding. Bercentages may not add down Pietro Frozen Foods, Inc Income Statement For the Coming Year percent Les operating exp 2. What if the cost of goods sold percentage for the past few years was 58.03 percent Managements reaction might be