Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,800 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead ? 73,000 24,000 190,000 Next year, Pietro expects to purchase $124,500 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 $10,800 $ Ending $4,900 $12,800 Next year, Pietro expects to produce 49,800 units and sell 49,100 units at a price of $18.00 each. Beginning inventory of finished goods is $3,500, and ending inventary or finished goods is expected to be $30,000. Total selling expense is projected at $29,000, and total administrative expense is projected at $125,000. Required: 1. Prepare 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. Income Statement For the Coming Year Sales Percent 100 % 883,800 Cost of goods sold 418,100 50.06 X % Gross margin 417,100 X 49.94 X % Less operating expenses: Selling expenses 26,500 X Administrative expenses 125,000 151,500 x 18.14 X % Operating income 265,600 X 31.80 X % Feedback